Chipmaker AMD to cut about 500 global jobs

AMD, which sells central processing units and graphics chips used in personal computers, in July lowered its revenue estimate for the second quarter.

NEW YORK: Struggling chipmaker Advanced Micro Devices Inc said it would cut about 500 jobs, or 5 percent of its global workforce, as the company looks to rein in costs amid weak demand for its chips used in personal computers and intense competition.

The company said it would record $41 million of the expected $42 million charge in the third quarter ended September.