AMD (AMD) has finally admitted that the assets which it acquired with its disastrous acquisition of graphic chip company ATI are impaired.
Odd that they were the last to know.
According to MarketWatch "the chip maker expects the impairment charge will be material but said it couldn’t provide an estimate of the amount of the charge. The company realized the charge during its annual strategic planning cycle, according to a Securities and Exchange Commission."
AMD paid $5.4 billion for the bucket of chips company and that combined company now has a paltry market cap of just over $5 billion.
CEO Hector Ruiz says he plans to stay on, but it is time for him to leave.