AMD has fared even worse than its rival Intel as laptop and desktop sales soften.
The Sunnyvale, Calif.-based chip maker announced in October its plans to cut approximately 15 percent of its global workforce -- or nearly 1,700 jobs -- in an effort to cut costs and remain competitive. In the same breath, the company also announced dismal third-quarter earnings, including a 25 percent year-over-year drop in revenue and a net loss of $157 million.
"Shortly after joining AMD, I talked about the fundamental changes occurring in the PC industry," said AMD CEO Rory Read (pictured), when announcing the earnings and layoffs. "These trends are occurring now at an even faster rate than anticipated."
Read said AMD would start shifting some of its focus away from PCs until the market stabilizes and instead pursue more lucrative markets, such as the data center.