AMD to lay off 4% of workforce, or about 1,000 employees
Posted: Nov 13, 2024
- AMD is laying off 4% of its staff, about 1000 employees, to focus on AI chips
- AMD is the second-biggest GPU producer after Nvidia
- AMD stock is down 5% in 2024, while Nvidia shares are up 200%
- AMD expects $5 billion in AI chip sales this year, but Nvidia dominates with an 80% market share
- AMD's gaming segment is expected to decline by 59%
- AMD competes with Intel in processor chips for laptops, desktops, and servers.
- AMD is laying off 4% of its workforce, about 1,000 employees
- AMD had 26,000 employees at the end of last year
- AMD is the second-biggest producer of GPUs, behind Nvidia
- AMD stock is down 5% in 2024 while Nvidia shares are up 200%
- AMD expects $5 billion in AI chip sales this year
- AMD's share of server CPU sales rose nearly 3% in the third quarter
- AMD's gaming segment is expected to decline 59% in 2024
What do people on Reddit think?
🚨 Reddit sentiment: mixed/negative - Most of the comments express concerns about AMD's decision to lay off employees during a strong period for the industry, skepticism about its future growth, and frustrations over the stock's poor performance, coupled with fears of Nvidia taking over the market. Summarized comments: - Stocks usually jump on job cuts, but this isn't the case for AMD this time - There might be signs of mismanagement since AMD is cutting jobs during a boom period for the industry - One user mentioned being laid off from AMD and received sympathy - User is upset over AMD stock's declining trend despite good company growth and numbers - AMD faces skepticism about its potential for growth in 2025 and beyond - Concerns are expressed about Nvidia potentially overtaking the GPU market - Layoffs are seen as a common practice in growth companies to cut less productive workers - Some users humorously label AMD as 'Advanced money destroyer' - Layoffs are viewed negatively as they don't project strength Stock tickers discussed: $AMD, $NVDA
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