Advanced Micro Devices (AMD) is cutting over a tenth of its workforce as the company is looking to streamline operations in a bid to save on costs, various reports say.
According o the Sunnyvale, California-based company, the cost-cutting measure was brought about by a sluggish computer market and manufacturing delays.
AMD is currently second to Intel as the world’s largest maker of microprocessors for personal computers.
The AMD move is also the biggest decision yet of the company’s new CEO, Rory Read.
“Reducing our cost structure and focusing our global workforce on key growth opportunities will strengthen AMD’s competitiveness,” the former Lenovo executive said in a statement.
According to reports, AMD is looking to save over $200 million for 2012 by cutting about 1,400 jobs from its workforce.
The AMD job cut represents about 12 percent of AMD’s 12,000-strong staff.
AMD will implement the measure until the first quarter of next year, the company has revealed.