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AMD to invest $400 million in India by 2028: Here’s what we know

US chipmaker Advanced Micro Devices said on Friday it will invest around $400 million in India over the next five years and will build its largest design center in the tech hub of Bengaluru. AMD’s announcement was made by its Chief Technology Officer Mark Papermaster at an annual semiconductor conference that started Friday in Prime Minister Narendra Modi’s home state of Gujarat. Other speakers at the flagship event include Foxconn Chairman Young Liu and Micron CEO Sanjay Mehrotra. Despite being a late entrant, the Modi government has been courting investments into India’s nascent chip sector to establish its credentials as a chipmaking hub. AMD said it will open its new design centre campus in Bengaluru by end of this year and create 3,000 new engineering roles within five years. “Our India teams will continue to play a pivotal role in delivering the high-performance and adaptive solutions that support AMD customers worldwide,” Papermaster said. The new 500,000-square-foot (55,5...
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Philips to cut down 4,000 jobs as company faces multiple challenges: CEO

Tech firm Philips on Monday announced to slash 4,000 jobs as the company faces “multiple challenges” which was reflected in its Q3 earnings. New Philips CEO Roy Jakobs said the move to improve productivity and agility “includes the difficult, but necessary decision to immediately reduce our workforce by around 4,000 roles globally, which we do not take lightly and will implement with respect towards impacted colleagues.”

The job cuts represent over 5 percent of the company’s workforce.

“These initial actions are needed to start turning the company around in order to realise Philips’ profitable growth potential and create value for all our stakeholders,” Jakobs added.

The company reported a net loss of 1.33 billion euros ($1.31 billion) compared with a year-ago profit of 2.97 billion euros.

Jakobs, who took over as CEO last week, is cutting R&D, consolidating suppliers and warehouses as well as adding dual sourcing of components.

“We face multiple challenges and our Q3 2022 performance reflects this. Although Philips’ strategy and solutions resonate with our stakeholders, we have not lived up to their expectations in recent years,” said Jakobs.

“My immediate priority is therefore to improve execution so that we can start rebuilding the trust of patients, consumers and customers, as well as shareholders and our other stakeholders,” he said in a statement.

Jakobs says the company will continue to review areas to further improve its supply operations and simplify the way of working and remove organisational complexity.

“We will elaborate further on our plans for Philips at our fourth quarter and annual results publication in January 2023,” he added.

–IANS

The post Philips to cut down 4,000 jobs as company faces multiple challenges: CEO appeared first on BGR India.



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