PC decline a headache for Intel rival

Advanced Micro Devices, the long-struggling competitor of giant rival Intel, is facing yet another crisis amid a shifting technology landscape and declining demand for personal computers.

CEO Rory Read is firing workers to pare expenses as the chipmaker’s sales slide. Still, he can’t cut costs fast enough to head off his next looming challenge: Shrinking cash reserves.

Cash declined to $1.5bn (€1.15bn) in the third quarter, shedding $279m from the previous period.