AMD to Cut 5% of Staff

In a filing with the US Securities and Exchange Commission, AMD has revealed plans to cut its workforce by 5% – more than 480 people. Most of the layoffs will be completed by the end of fiscal 2016. The company expects to take restructuring and asset impairment charges of about $42 million, as a result of the cuts ($31 million) and real estate consolidation. The majority of changes will take place in Q3 of AMD’s 2015 financial year.