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AMD Posts $358M Loss for Q1, Announces Plans to Restructure
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Posted by Donster on: 2008-04-18 15:16:50 455
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By Brandon Hill @ DailyTech
The news coming out of AMD hasn't been on the most positive note in the past few weeks. The company announced in early April that it will cut 1,600 jobs by the end of 2008 representing 10% of its workforce. The reason for the cuts came as a result of steep declines in every business arena that AMD competes.
Four days later, the company's Chief Technology Officer, Phil Hester, stepped down from the company with no replacement in sight.
Today, AMD released even more unsettling news in the form of its Q1 2008 earnings report. As previously forecasted by AMD, revenue fell 15% from the previous quarter to $1.505B and the company experienced a net loss of $358M. Operating losses totaled $264M and the company faced a charge of $50M due to its 2006 acquisition of ATI.
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