AMD: Next Step, Massive Layoffs

Advanced Micro Devices is planning to chop 10%-20% of its workforce, the Wall Street Journal reports, citing "a person familiar with the situation."

The chip maker had over 11,700 employees as of the end of Q2.

Late last week, AMD warned that Q3 revenues were down about 10% form Q2, much worse than the 1% drop the company had previously projected. The company also cuts its gross margin forecast to 31%, from 44%.

AMD will announce Q3 results this Thursday.