Advanced Micro Devices reported a deep net loss for the third quarter on Thursday afternoon, and announced a restructuring program that will result in the layoffs of 15% of its total workforce, or about 1,770 people
"It is clear that the trends we knew would re-shape the industry are happening at a much faster pace than we anticipated," CEO Rory Read said in a statement
The PC chipmaker reported a loss of $157 million, or 21 cents a share, for the third quarter compared to earnings of $97 million, or 13 cents a share, for the same period last year
Adjusted net loss was 20 cents a share
Analysts were expecting a loss of 13 cents a share for the period
Revenue of $1.27 billion was in line with a pre-announcement by the company last week
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