"SAN JOSE, Calif. - Grappling with major layoffs and a stock price that's been chopped nearly in half since last year, Advanced Micro Devices Inc. kept new details about its turnaround plans close to the vest Thursday in a very brief annual meeting with shareholders.
The Sunnyvale-based company's chief executive, Hector Ruiz, notably did not discuss AMD's long-awaited plans to cut its heavy manufacturing costs. His 20-minute speech was punctuated with just one question from a shareholder -- about why AMD doesn't sponsor professional golf tournaments to increase its visibility.
A spokesman said the company typically has short annual meetings.
AMD is the world's No. 2 maker of microprocessors, the brains of personal computers, and it and much larger rival Intel Corp. spend billions of dollars each year refining their manufacturing processes, which make up a large part of both companies' expenses and intellectual property."
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