AMD has announced plans to cut 500 jobs as part of its ongoing “asset light” effort to reduce expenses and reach a break-even point of $1.5 billion in quarterly revenue. This is their second round of job cuts this year, following an announcement in April to layoff around 1,600 staffers, or about 10% of its workforce at the time.

AMD has been trimming the fat lately, and is currently in the process of splitting into two businesses: one that focuses on microprocessor design and another that will manufacture them. The company now has some 15,000 employees and plans to have the majority of them handling processor designs, while roughly 3,000 will head to newly-formed The Foundry Company early next year.

In the coming weeks AMD will be releasing their new 45nm server and desktop processors, codenamed Shanghai and Deneb respectively, so asset light or not the struggling chipmaker better shape up and bring something interesting to the table if it wants to level the playing field with Intel.