AMD has announced that it will be cutting 500 jobs which is about five percent of its global workforce in order to reduce the cost.

According to a report from Bloomberg, around 500 jobs will be lost in a restructuring process which should, according to AMD, streamline their business and reduce costs of the company.

According to the same report, AMD will get a charge of around US $42 million from restructuring plan and outsource some of its IT services and application development. Company plans to save around US $9 million in the last two quarters of the 2015 and around US $58 million in the next year.

AMD has been struggling lately in both CPU and GPU markets, with Nvidia controlling around 82 percent of the discrete market share and Intel controlling vast majority of the CPU market.

AMD's current-gen flagship Fiji-based graphics cards are not doing so well as the company is struggling to keep up with the demand while it is also expected that there will be significant problems with sourcing the next-generation High Bandwidth Memory for upcoming next-generation graphics cards.



Source: via Tweaktown.com.