AMD decreases Q1 sales outlook, expects to cut workforce by 10%

It's one thing to put the kibosh on whispers of across-the-board layoffs; it's another to go and fire twice the amount rumored. Sure enough, a recent report from the AP notes that the California-based chipmaker is expecting to layoff 10-percent of its 16,000-person workforce by Q3 2008. Additionally, the outfit is trimming its sales outlook for Q1 due to "poor sales in all of its business segments," and as if that wasn't enough, it's expecting to "incur an [undisclosed] restructuring charge in the second quarter as a result of the layoffs." Ouch.

[Via The Street, thanks Aaron]