AMD: Sales Slumping, Firing 10% Of Workforce

AMD (AMD) says that Q1 sales will be below expectations, and that it will lay off 1,680 employees — 10% of its workforce.

AMD says it expects revenue of $1.5 billion – about 6% below the Street’s $1.62 billion consensus. More important, sales dropped 15% from the previous quarter, instead of the 7% drop the company had expected. To blame: A devastating price war with Intel (INTC), and/or “uncertainties in the broader economy.”

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