Looks like the Axe Man Commeth to AMD today as the Austin based company hands out another 500 pink slips. 154 of these are in the company's home town of Austin Texas.

The job cuts are another effect of AMD's failure to reach profitability. This round of cuts is not the last as AMD strives to reach a work force of 12,500 by Q1 2009 from its current 15,500.

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Advanced Micro Devices Inc. confirmed on Wednesday that is eliminating about 500 jobs companywide, including 154 here in Austin.

The chip and video card company says that will bring its local workforce down to about 2,336. All of the Austin employees being cut have been notified.