AMD Slashes Sales Forecast, Jobs

Updated from 4:37 p.m. EDT

SAN FRANCISCO -- Advanced Micro Devices(AMD Quote) cut its sales outlook for the first quarter because of poor sales in all of its business segments, and announced plans to cut its headcount by 10%.

The Sunnyvale, Calif., chipmaker said revenue for the three months ended March 29 will be approximately $1.5 billion, down 15% sequentially.

The company had previously projected that sales would follow seasonal patterns, which the company said typically meant a decline of between 5% and 10%. Analysts polled by Thomson Financial were looking for $1.62 billion in sales, with a loss of 40 cents a share. ...