Advanced Micro Devices (AMD) has laid off about 4% of its global workforce to focus on its biggest growth opportunities, media outlets reported Wednesday, citing the company's statement to Wccftech.
The job cuts are part of "a number of targeted steps that will unfortunately result in reducing our global workforce by approximately 4%," the company told the media outlet, adding that the move is "a part of aligning our resources with our largest growth opportunities."
The news follows Advanced Micro Devices' mixed Q3 results and downbeat Q4 revenue outlook as well as speculations about the layoffs, according to the reports.
The company did not specify the number of affected employees or how many people it currently employs.
Advanced Micro Devices didn't immediately reply to MT Newswires' request for comment.
Shares of Advanced Micro Devices were down 1.3% in recent trading.
Price: 141.75, Change: -1.88, Percent Change: -1.31
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.