Reports
AMD (AMD) will lay off 4% of its global workforce to focus on more growth initiatives like artificial intelligence, according to multiple reports.
The company, which is viewed as a top rival to AI chipmaker Nvidia (NVDA), employed about 26,000 workers as of last year, according toits annual 10-K filing. That would mean just over 1,000 are on the chopping block, although the exact number is currently unclear.
“As a part of aligning our resources with our largest growth opportunities, we are taking a number of targeted steps,” the company said in a statement shared with outlets on Wednesday. “We are committed to treating impacted employees with respect and helping them through this transition.”
The stock dropped around 2% after the announcement. Shares have fallen just over 4.5% since the start of the year.
AMD (AMD) will lay off 4% of its global workforce to focus on more growth initiatives like artificial intelligence, according to multiple reports.
The company, which is viewed as a top rival to AI chipmaker Nvidia (NVDA), employed about 26,000 workers as of last year, according toits annual 10-K filing. That would mean just over 1,000 are on the chopping block, although the exact number is currently unclear.
“As a part of aligning our resources with our largest growth opportunities, we are taking a number of targeted steps,” the company said in a statement shared with outlets on Wednesday. “We are committed to treating impacted employees with respect and helping them through this transition.”
The stock dropped around 2% after the announcement. Shares have fallen just over 4.5% since the start of the year.