Advanced Micro Devices continues its struggle to turn around its flailing semiconductor business in a tough market. The company has just announced the firing of 1, 100 more workers, in addition to the 600 last month and 1, 600 earlier in 2008.
Company chief executive Dirk Meyer and executive Chairman Hector Ruiz will take a 20 percent pay cut, while senior management, salaried employees, and hourly workers will take 15, 10, and 5 percent pay decreases, respectively.
The company says the pay cuts are temporary.
AMD has been struggling for quite a while now, recently selling off nearly 20 percent of the company to the Persian Gulf’s Abu Dhabi, and seemingly in a never ending game of catch-up with rival Intel.
Intel, though in a much better position to weather the economic downturn than AMD, announced yesterday that its fourth quarter sales were down 23 percent while profits plummetted 90 percent.
AMD is reporting its fourth quarter results next Thursday at which time the company is expected to announce a 33 percent decrease in sales from 2007.
