U.S. chip maker Advanced Micro Devices Inc which is struggling recently announced on Thursday October 16 that they will be reducing their global workforce by 7% to raise profits.
The company's performance for the last three quarters are below the market expectations. Because of this announcement the shares of AMD went down by around 5% to $2.51.
AMD on their 2014 Third Quarter reports stated that they have a Net income of $17 million which is earnings of $0.02 per share.
The earnings balanced for depreciation costs, which is close to 3 cents per share. In the previous year the organization earned $48 million which is 6 cents for every share.
AMD's revenue went down from 1.46 billion to 1.43 billion last year. Besides, the company is expecting its Q4 revenue to decline by 13%.