"We expect macro headwinds will continue for the third quarter," AMD CEO Rory Read told analysts on conference call. "We also believe the PC industry may be resetting to a new baseline and that full-year industry growth estimates will be reduced."
Big tech stocks rally after early earnings reports →
CEO Rory Read says AMD needs to quickly restructure its business because trends that are reshaping the PC industry are happening faster than the company expected.
AMD to cut nearly 1,800 jobs or 15 pct of workers →