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Advanced Micro Devices to cut 1,100 jobs and reduce salaries

SAN FRANCISCO (AFP) — US chip-maker Advanced Micro Devices said Friday it will lop 1,100 jobs and trim salaries to "navigate the turbulent economic conditions."

In February, California-based AMD will begin reducing its global workforce by nine percent, cut the pay of remaining workers and eliminate some benefits.

AMD board chairman Hector Ruiz and chief executive Dirk Meyer will have their base pay shrink 20 percent each, according to the firm.

"As a result of the continuing global economic downturn, we have determined that we need to take difficult, but prudent, actions designed to reduce our costs," AMD said in a written release.

"These actions, while difficult, will allow AMD to better navigate the turbulent economic conditions while protecting our core capability to execute our technology roadmaps and position AMD for long-term success."

Pay cuts for AMD employees in the United States and Canada will range from five percent for "overtime eligible" workers to 15 percent for vice presidents.

At AMD operations outside of North America, there will be "voluntary pay reduction measures consistent with local policies and regulations."

AMD will also suspend matching contributions it typically makes to worker retirement plans in the United States and Canada.

AMD's disheartening news comes a day after computer-chip king Intel reported that its net profit in the recently-ended quarter plummeted 90 percent from the same period a year earlier.

The Santa Clara, California-based company said net profit in the last three months of the year plunged to 234 million dollars on revenue of 8.2 billion dollars.

Intel also warned that it expects even worse results this quarter than the previous three months.

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