Advanced Micro Devices Inc. revealed Thursday that it plans to cut 5% of its workforce in a restructuring. The Silicon Valley chipmaker did not reveal the total number of jobs it will look to cut, but AMD reported a total employee count of 9,700 in its most recent annual report, which would mean nearly 500 jobs are on the chopping block. The move is part of a restructuring that will include consolidating some office and outsourcing some services, and AMD said in a filing that it expects to face about $41 million in costs for the move. AMD cut its revenue expectations in July, part of a downfall for the company amid struggles in the personal computer market, after changing CEOs late last year. AMD expects to save $58 million in the 2016 fiscal year from Thursday’s announced changes. AMD shares were mostly unchanged in immediate late trading, dropping a penny after closing with a 1.2% gain at $1.74.
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