Advanced Micro Devices will heavily target the corporate market in 2003 in an effort to pull itself back to profitability, company executives said Thursday. Additionally, the company confirmed it will begin to lay off employees this quarter and try to reduce expenses by $100 million per quarter by the second quarter of 2003.

"It will be a significant number," AMD chief executive Hector Ruiz said at a meeting for analysts. "For us to meet our tough (cost saving) projections, it is inevitable that people go with that."

Read more: CNet News.