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NEW YORK/SAN FRANCISCO |
Tue Nov 13, 2012 3:49pm EST
NEW YORK/SAN FRANCISCO (Reuters) - Advanced Micro Devices has hired JPMorgan Chase & Co to explore options, which could include a potential sale, as the chipmaker struggles to find a role in an industry increasingly focused on mobile and away from traditional PCs, according to three sources familiar with the situation.
Sources said an outright sale of the company is not a priority, and other options for AMD could include a sale of its portfolio of patents.
One of Silicon Valley's oldest chipmakers, AMD is laying off engineers and some analysts are concerned it may not find new markets for its chips in time to reverse a declining cash reserve.
AMD's shares have fallen more than 60 percent this year, giving it a market value of about $1.4 billion. It also has long-term debt and capital lease obligations of about $2 billion.
AMD was not immediately available for comment, while a JPMorgan spokeswoman declined to comment.
(Reporting by Nadia Damouni and Noel Randewich; Editing by Paritosh Bansal, Gary Hill)
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