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5 Companies That Had A Rough Week

For the week ending Oct. 17, CRN looks at IT companies that were unfortunate, unsuccessful or just didn't make good decisions.

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AMD To Lay Off 7 Percent Of Workforce After Mixed Earnings Report

AMD will cut 7 percent of its workforce or more than 700 employees -- most by the end of the year -- under a restructuring plan announced this week. The move will cost the company $57 million in severance and other charges this quarter and $13 million in restructuring costs in 2015.

AMD reported third-quarter financial results Thursday that included a 2 percent decline in revenue year-over-year to $1.43 billion and a 21 percent sales increase from the company's Enterprise, Embedded and Semi-Custom division. But there was a 16 percent sales decline from the chip company's Computing and Graphics division. Net income was down 65 percent from one year ago to $17 million.

The announcement comes one week after CEO Rory Read unexpectedly stepped down and the company named COO Lisa Su as his replacement.

 
 
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