AMD Lays Off Thousands of Employees: How is its Financial Performance?

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Erlina Fury Santika 18/11/2024 18:25 WIB

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AMD reportedly laid off employees. However, how is its financial performance?

AMD Net Income and Net Profit (September 2023 - September 2024)

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AMD Net Income and Net Profit (September 2023 - September 2024)

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A Yahoo Finance report states that major technology company AMD has confirmed the layoff of 4% of its global workforce.

With an estimated workforce of 26,000 in 2023, the layoffs will reportedly affect approximately 1,000 AMD employees.

AMD has confirmed the report, stating that 4% of its global workforce has been laid off. The company claims the layoffs are to align resources with its greatest growth opportunities.

According to Yahoo Finance, the largest and most obvious "opportunity" for AMD is artificial intelligence (AI).

"So, the implication is that AMD is likely realigning resources for a more concerted assault on Nvidia's dominance in the very lucrative data center GPU market," Yahoo Finance wrote on Thursday, November 14, 2024.

How is this major technology player performing financially?

According to the company's financial report, net revenue reached US$6.81 billion for the three-month period ending September 2024.

This revenue surged 16.86% year-on-year (YoY) from US$5.8 billion in September 2023.

Net profit was recorded at US$771 million in September 2024, a 157.85% YoY increase from US$299 million in September 2023.

Company assets were recorded at US$69.63 billion in September 2024, a 2.57% increase from US$67.88 billion in December 2023.

Total liabilities were recorded at US$7.5 billion, and total equity at US$56.98 billion.

(See also: Boeing's Losses Surge 277.38% in Q3 2024, Mass Layoffs Expected)

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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AMD Lays Off Thousands of Employees: How is its Financial Performance?

AMD Lays Off Thousands of Employees: How is its Financial Performance?

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