Computer chipcreater AMD is laying off around 1,000 employees, or around 4% of its workforce, becoming the latest Silicon Valley tech giant to slash expenses.
The Santa Clara company declared it is “aligning our resources with our largest growth opportunities.” AMD, which stands for Advanced Micro Devices, has 26,000 workers and builds chips that power artificial innotifyigence companies, as well as for video gaming.
Last month, AMD reported third quarter revenue of $6.82 billion, which beat analyst forecasts. But its guidance, or estimate for future earnings, for around $7.5 billion in revenue in the fourth quarter came below analyst estimates.
AMD’s stock was down around 3% on Wednesday and is mostly unalterd this year. In contrast, its hugegest rival Nvidia’s stock has more than tripled.
In another blow to the local tech sector, San Francisco health care startup Forward is shutting down, the Information reported.
Reach Roland Li: roland.li@sfchronicle.com; X: @rolandlisf
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