AMD is laying off workers as it focuses on AI
The chipmaker's stock fell more than 2% in midday trading
Advanced Micro Devices is cutting 4% of its global workforce as it focuses on competition in the artificial intelligence chips space.
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“As a part of aligning our resources with our largest growth opportunities, we are taking a number of targeted steps that will unfortunately result in reducing our global workforce by approximately 4%,” a spokesperson for AMD said in a statement shared with Quartz on Wednesday. “We are committed to treating impacted employees with respect and helping them through this transition.”
The cuts target sales and marketing roles in some divisions including consumer PC and gaming PC, Bloomberg reported, citing an unnamed person familiar with the matter. The company is reportedly still hiring.
AMD shares fell by around 2.3% during mid-day trading on Wednesday.
In October, AMD reported third-quarter revenues of $6.8 billion — slightly above Wall Street’s expectations.
“Looking forward, we see significant growth opportunities across our data center, client and embedded businesses driven by the insatiable demand for more compute,” AMD chief executive Lisa Su said in a statement.
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