The Austin job market will take a hit as Advanced Micro Devices Inc announces it is cutting more than 1400 jobs worldwide of which 300 will come from the Austin area. The business owners are trying to switch directions within the organization in the hope of keeping it running and operational long term. The jobs are not just from entry level workforce, either, as they extend into a large group of veterans and senior executives within the company.

The Austin market losses will include more than 300 cuts that the company says are permanent. The company's Austin center focuses on product development, marketing as well as administration and therefore many of the cuts here will include senior officials working with the company.

New CEO, New Direction

The company's move to cut into the Austin job market is likely the indication that the new CEO, Rory Read, is looking to make big changes to create improvements in the company's bottom line and, therefore, to keep it moving forward. Rory indicated earlier that he hoped to push the company towards production of low-power products and chips that will help within the cloud computing markets, as this is where the field is heading.

The Austin job market cuts will include up to one of every eight in the business and should save the company more than $200 million each year, money some say the company needs to keep itself growing and going in the direction financially and well into the future.