AMD to lay off a 10th of workforce by 2012

Advanced Micro Devices Inc unveiled a plan on Thursday to save about $200 million of operating costs in 2012 by slashing 10 percent of its global workforce and streamlining internal business processes. The layoffs mark the first major move by Chief Executive Rory Read, who came onboard in August to try to galvanize a microprocessor maker that has bled market share to larger rival Intel Corp, while missing out on the mobile device boom. "It's not too surprising given the operating background of the new CEO and this is exactly what you'd bring an outsider in to do, but their problems go far deeper right now," said Alex Gauna, an analyst at JMP Securities. Click here for full story