Semiconductor company Advanced Micro Devices (AMD) has announced that it plans to cut 10 per cent of its 11,000-strong global workforce by the end of the first quarter in 2012.
AMD has said that it hopes the move will "rebalance the company's global workforce skillset" and it expects to save £6.2m on operating expenses before the end of the year.
The job cuts should save further £73m during 2012.
"Reducing our cost structure and focusing our global workforce on key growth opportunities will strengthen AMD's competitiveness and allow us to aggressively pursue a balanced set of strategic activities designed to accelerate future growth," said Rory Read, AMD president and CEO.
"The actions we are taking are designed to improve our ability to consistently address the needs of our global customer base and stake leadership positions in power, emerging markets and the cloud."
Cuts will be made across all business functions in all regional divisions.
AMD expects to make an additional saving of £56m in 2012 on its operating expenses, which will be achieved through implementing efficiencies across the business.