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AMD’s global workforce sees a 4% reduction after the company’s Q3 results fell short of expectations, driven by a dramatic 69% drop in gaming revenue. This layoff decision is part of AMD’s strategy to focus on high-growth segments despite financial pressures.
Mixed Q3 Performance Leads to Stock Decline
Following a poor third-quarter earnings release that sent off a downward wave for the stock, reports of layoffs at AMD have surfaced.
The stock price of AMD has fallen by 13.6 percent after the company reported its quarterly earnings. The company's third-quarter sales were $7.5 billion, which was lower than analyst projections of $7.54 billion, even though the company's profit was up 34% and revenue was up 17%.
The gaming segment of AMD also saw a significant decline, according to the company's earnings release. Gaming revenue plummeted 69% year-over-year to $462 million during the quarter. Operating income for the segment fell 96% to $12 million from $208 million in the same quarter last year, almost resulting in a loss.
Gaming Division Takes a Major Hit
Game GPU sales fell, and AMD said it was due to "lower semi-custom revenue."
It seems that layoffs are being caused by AMD's mixed-bag performance in Q3. It has been reported on online message boards and by the company itself that it is laying off workers. Reportedly, out of AMD's total staff of about 26,000, 1,000 people (or 4% of the total) are losing their jobs.
A member of the online community known as Team Blind said that today, layoffs affected 4% of AMD's workforce. The majority of the responses to the original poster's posts confirmed the duplication. It was corroborated by two users: one who said their acquaintance had verified the 1,000 figure, and another who said they were laid off also.
Employee Reactions Surface on Forums
The Layoff, another thread on the forum, also brought up the subject of layoffs. The initial poster said they were "affected by the layoff," and four anonymous users said the same thing or someone they knew was. Although they were unprepared for layoff, one user claims they received what they "consider to be a generous severance, which softens the blow."
Someone else mentioned that they were "total shocked" and had "just found out." As per their report, "Supposedly the decision was made 'way up high' beyond my manager’s hands but it still feels personal." Someone another mentioned that two of their coworkers had been fired by AMD.
AMD’s Official Response
A representative from AMD verified the layoffs in a statement provided to WCCFTECH.
The company has stated that the layoffs are "a part of aligning our resources with our largest growth opportunities." They constitute "a number of targeted steps that will unfortunately result in reducing our global workforce by approximately 4%." AMD stated that it remains "committed to treating impacted employees with respect and helping them through this transition."
