AMD to Lay Off 4% of Its Workforce

Chip company AMD confirmed its plans to lay off part of its staff. The job cuts will reportedly affect about 4% of the company's workforce, which is 1,000 of its approximately 26,000 employees.

An AMD spokesperson confirmed the layoffs and said (via Wccftech) that they are a part of "aligning our resources with our largest growth opportunities" and "a number of targeted steps that will unfortunately result in reducing our global workforce by approximately 4%." AMD is "committed to treating impacted employees with respect and helping them through this transition."

The rumors about job cuts appeared after AMD published its Q3 financial report, which shows contrasting results in various spheres. For instance, compared to the previous quarter, the company's revenue increased by 17%. At the same time, gaming segment revenue declined by 69% year-over-year and 29% sequentially. These mixed results are considered to be the reason behind the layoffs.

Recently, it has been revealed that Sony chose AMD over Intel as a manufacturer for the PlayStation 6 chip, as the company made the chip for PS5, and moving to any other manufacturer would have risked the compatibility. 

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