Austin (TX) - AMD is set to send out a first round of pink slips to 510 to 850 people, or 3 to 5% of its workforce this Thursday. Employees in the firm’s secondary headquarter in Austin will be mainly affected, TG Daily learned.

Fudzilla was first to report the upcoming layoffs. The cuts will coincide with the release of the firm’s released of its Q1 financial results. AMD previously said that its Q1 revenue result will fall $100 million short of its guidance. It remains to be seen whether analysts will be happy with this first move to bring the company’s revenue performance in line with cost and if there will be an impact on AMD’s corporate culture. AMD said that it will be cutting up to 10% of its workforce until the end of Q3 of this year.

AMD was hit with several executives leaving the company, including the firm’s chief technology officer as well as the corporate vice president of strategic market - and we hear rumors that the chief financial officer may be next, but were unable to get a confirmation for this information yet. Stay tuned for a detailed inside analysis on how the recent departures and layoff may or may not impact AMD.