Advanced Micro Devices (NYSE: AMD) reported Q3 EPS of $0.03, $0.01 worse than the analyst estimate of $0.04. Revenue for the quarter came in at $1.43 billion versus the consensus estimate of $1.47 billion.

Q4 2014 Restructuring and Transformation Initiatives As a part of AMD's ongoing transformation work, the company has developed a targeted restructuring plan to better position AMD for profitability and long-term growth while aligning investments and resources with high-priority opportunities.

The restructuring plan, which will be largely implemented in Q4 2014, is expected to:

• Reduce global headcount by 7 percent, largely expected to be completed by the end of Q4 2014;
• Align AMD's real estate footprint with its reduced headcount;
• Result in a restructuring and impairment charge of approximately $57 million in Q4 2014, primarily related to severance, and a restructuring charge of approximately $13 million in 1H 2015, primarily related to real estate actions;
  • The company expects to make cash payments related to these actions of approximately $34 million in Q4 2014 and $20 million in 1H 2015;
• Result in operational savings, primarily in operating expenses, of approximately $9 million in Q4 2014 and approximately $85 million in 2015.

For earnings history and earnings-related data on Advanced Micro Devices (AMD) click here.