AMD Faces Looming Cash Crunch Amid Quest for New Markets
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Advanced Micro Devices Inc., the long-struggling competitor of giant rival Intel Corp., is facing yet another crisis amid a shifting technology landscape and declining demand for personal computers.
Chief Executive Officer Rory Read is firing workers to pare expenses as the chipmaker’s sales slide. Still, he can’t cut costs fast enough to head off his next looming challenge: shrinking cash reserves. Cash declined to $1.5 billion in the third quarter, shedding $279 million from the previous period.