AMD drastically cuts its chip orders as its PC sales decline
 

AMD isn't doing so well financially, and it doesn't look like things are going to get better anytime soon as the processor maker has announced it would cut its chip wafer purchases from Globalfoundries by nearly 75 percent for the fourth quarter of 2012.

Bloomberg reports that while AMD previously planned to pay Globalfoundries $500 million for its wafers, it will end up buying just $115 million of the chips. This is just the latest piece of bad news from AMD. In October it announced that it would cut 15 percent of its workforce by the end of the year.

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