'Your papers, please' must never be heard in America
Advanced Micro Devices Inc. is cutting some 1,400 workers as a weak computer market and manufacturing delays have hurt the world's second-biggest maker of microprocessors for PCs.
Chip maker Advanced Micro Devices Inc. has named an executive from PC maker Lenovo Group as its new CEO Thursday, giving him a mission to improve the struggling company's finances and turn the rise of smartphones and tablets into an opportunity rather than a threat.
A new chip from Advanced Micro Devices Inc. combining general-purpose and graphics capabilities showed early signs of success as the company's earnings for the latest quarter were slightly better than what Wall Street had expected.
Advanced Micro Devices Inc. has been punished so hard for unexpectedly ousting its CEO more than 6 months ago that the second-quarter profit it posted Thursday gave investors a measure of confidence about its direction.
CEO Dirk Meyer got a pay raise in 2010 for his work helping to revive Advanced Micro Devices Inc.'s performance. Two weeks into the new year, however, he was bumped from the job mainly because the board felt the chip maker wasn't moving fast enough into tablet computers and smart phones markets.
Advanced Micro Devices Inc. shrank its second-quarter loss on reviving sales of computers that use its chips and a wrenching effort to shed costs that's lasted years.
But AMD hasn't seen any signs of a slowdown that would cause it to change its financial forecast, Meyer said.
AMD's CEO, Dirk Meyer, said customers in Europe and China have been reluctant to build their stocks of chips because of fears that demand might wane.
