AMD swings the ax after sales shortfall

AMD (AMD) will slash jobs by 10% amid a sales shortfall for the first quarter, which ended a week ago. The chipmaker says it saw a drop in demand across all its business segments during the quarter.

The company expects to book $1.5 billion in revenue for the first quarter, about $120 million below Wall Street estimates and down 15% from the prior quarter. The company says it will cut about 1,600 workers from its ranks to shave expenses. The company, which will release its earnings report April 17, expects to take a restructuring charge in the second quarter.

AMD shares were halted in after hours Monday and rival Intel (INTC) fell 33 cents to $21.42

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