On Thursday, a lower-than-expected revenue prediction for this quarter and workforce cuts of up to 7 percent, sent struggling U.S. chipmaker Advanced Micro Devices Inc (AMD.N)’s shares on a further plummet.
In an unprecedented move, AMD announced that Chief Operating Officer Lisa Su will be taking over the position of Chief Executive Officer Rory Read which has triggered rumors of new problems at the company which in turn took a negative toll on its stock, where a week later the chipmaker undertook a major round of job cuts for the third time since 2011.
Both the third-quarter revenue and forecast given by the company for its revenue on the current quarter fell short of expectations as well as its shares being down 5 percent in extended trade were given in a statement.
The Computing and Graphics group of AMD that included PC processors, watched its revenue, in a year over year perspective by 16 percent.
Finally, the company also stated that from quarter of September, its fourth-quarter revenue would go further down by 13 percent, give or take 3 percent which translates to around $1.244 billion.
After closing up trade, the chipmaker’s shares were down 5 percent extended trade, 1.15 percent at $2.64.