AMD Announces Layoffs Affecting 4% of Global Workforce

AMD is laying off approximately 4% of its employees to realign resources with key growth areas, following a mixed Q3 earnings report.

AMD Announces Layoffs Affecting 4% of Global Workforce

AMD has confirmed that it is laying off approximately 4% of its global workforce. This move comes after online rumors and a mixed third-quarter earnings report. The company stated that the layoffs are part of a restructuring effort to focus on its "largest growth opportunities," particularly in the AI sector. Q3 Earnings and Gaming Revenue Decline AMD's Q3 2024 earnings report showed a 17% year-over-year increase in revenue and a 34% increase in profit. However, the company's revenue guidance for Q4 2024 fell short of analyst expectations. A significant factor contributing to this was a substantial 69% drop in gaming revenue, primarily attributed to "lower semi-custom revenue." Layoff Details Reports from online message boards suggest that approximately 1,000 employees are affected by the layoffs. Several anonymous posts on platforms like Team Blind and The Layoff described the impact of the job cuts on employees. The layoffs are "a part of aligning our…

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