1,200 jobs face the chop at AMD

AMD will shed 10 per cent of the firm’s global work force as part of a restructuring plan designed to facilitate a "competitive cost structure," the chipmaker announced.

The restructuring will trim $10 million in 2011 and $118 million in 2012. In addition to laying off around one in ten employees worldwide, AMD also said that existing contracts would be terminated.

"The actions we are taking are designed to improve our ability to consistently address the needs of our global customer base and stake leadership positions in lower power, emerging markets and the cloud," said AMD chief Rory Read.

PCR has the full story.