Advertisement
YOU ARE HERE: LAT HomeCollections

CALIFORNIA | TECHNOLOGY | THE STATE

AMD to Cut Jobs, Take 4th-Quarter Charge

December 06, 1996|Times Staff and Wire Reports

Advanced Micro Devices Inc. said it plans to cut 250 jobs and take an $8-million charge in the fourth quarter to cover the firings as the chip maker tries to cut costs and return to profitability. The workers to be fired are in nearly every department, AMD said, and are based in Austin, Texas, and at company headquarters in Sunnyvale. The cuts come as much of the semiconductor industry is starting to see sales and earnings bounce back after slower growth this year. AMD has had two consecutive quarters of losses as it scrambles to get out its K6 chip, which is meant to compete against Intel Corp.'s Pentium and Pentium Pro. AMD is expected to report a loss of 17 cents a share for the fourth quarter, analysts estimate. Its shares fell 87.5 cents to close at $23.375 on the New York Stock Exchange.

Advertisement
Los Angeles Times Articles
|
|
|