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AMD To Shed 10% of Its Workforce
stress_life writes "Recent rumors about AMD firing 5% of its workforce proved to be understated. AMD just announced that the company is going to deliver pink slips to 1600-1700 workers, or around 10% of its employees. AMD needs revenue of $2 billion per quarter, but Q1'08 is expected to come in around $1.5 billion. These firings have to be complete by Q3'08, the quarter by which Hector Ruiz promised to be profitable." We most recently discussed AMD's struggles in February.
"Dell Job Cuts to Top 8,800 as U.S. Spending Slows" (Dude! You're getting a pink slip!)
http://www.bloomberg.com/apps/news?pid=20601103&sid=aEO1GX_CC.8U&refer=u...
"Google DoubleClick cuts 300 jobs"
http://www.newsoxy.com/google_doubleclick_cuts_300_jobs/article10671.htm
"Motorola to lay off 2,600 workers"
http://www.chicagotribune.com/business/chi-fri-motorola-8k-jobcuts-motap...
"Chrysler Slashing Tech Jobs - The latest cutbacks affect 400 technology workers"
http://www.thecarconnection.com/blog/?p=1095
In other news, according to the NYT:
> The economy shed 80,000 jobs in March, the third consecutive month of rising unemployment, presenting a stark sign that the country may already be in a recession.
> The unemployment rate ticked up to 5.1 percent from 4.8 percent, its highest level since the aftermath of Hurricane Katrina in September 2005.
> The downturn has even come to San Francisco, where highly trained workers with elite degrees flock to work for some of the world's biggest technology companies. CNet Networks, the online media giant, laid off 10 percent of its staff -- about 120 workers -- this year in an effort to increase profitability and its share price. Yahoo, the search engine company, said it would cut its work force by 1,000.
http://www.nytimes.com/2008/04/04/business/04cnd-econ.html?em&ex=1207540800&en=c1de4fb13c4ec4bd&ei=5087%0A
No need to speculate, as a public company, executive compensation is public information:
http://amd.edgarpro.com/redirect_frames.asp?filename=0001193125-08-057479.txt&filepath=\2008\03\14\&cols=7%2C0%2C4&SortBy=receivedate&AD=D&startrec=1&res=25&pdf=0
It looks like the executives made ~ $20 million in 2007(including option and stock grants, not just salary, also, the totals are lower than 2006).
I think cutting 1,600 jobs is going to save a bit more than $20 million, probably more than $100 million.
Nerd rage is the funniest rage.
Your examples are good, other than the Google doubleclick one. Google is not laying off these people because they are doing poorly, they're just not needed any more. It's fairly typical of acquisitions, you end up with a bunch of redundant employees and someone has to go.
Also, your link to newsoxy seems to be some kind of spammy site. A better article is here: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/04/03/BUA2VUNAO.DTL&tsp=1
> the covered-up TLB bug which prevents reliable virtualization
Where is this FUD comming from? The bug was never covered up. They delayed production for an entire quarter and publicly announced why. All CPUs have errata, and AMD took a huge hit by doing the responsible thing with disclosure and a delay.
Second of all, AMD provided a BIOS patch to motherboard makers that ships with every K10 capable board. If you want to argue the patch degrades performance or bring up the faster B3 revision, fine. However, don't imply AMD's chips can't do virtualization reliably. The patch completely fixes any chance of a crash from the TLB issue.
I am a viral sig. Please help me spread.
Here at the state university I work for, it is two very different things.
Laid off means that the university just didn't need your specific job anymore, or doesn't have the money to pay you. You get a severance package and other benefits. For example should the department that laid you off open the same (or similar) job within a year, it is automatically yours if you want it. Also you get priority for getting interviews for other jobs on campus. More or less a layoff means "Sorry, we'd like to keep you, but we just can't." You are, of course, eligible for rehire if laid off.
Being fired means you fucked up. It isn't easy to fire someone, there has to be documentation supporting it and such. When you get fired you don't get anything in parting. You are just out the door, and they are going to hire someone else to do your job. You aren't eligible to be rehired.
So yes, in many cases it can be very different.
You forgot 11.
AMD Executives paid themselves MASSIVELY during the quarters when AMD was doing its worst.
http://finance.google.com/group/google.finance.327/browse_thread/thread/372bff68c6244c13
-Hack
Got Geometrodynamics? Awe, too hard to figure out? Too bad.