AMD stated it was planning an "asset light" approach after splitting off its foundries into a separate business, so the Reuter's report that 500 staff around the globe have been laid off as of yesterday doesn't really come as a surprise. Although if you happen to be one of those staff, that's hardly going to be of comfort.
AMD now has some 15,000 employees, with a further 3,000 or so to be moved to newly-formed The Foundry Company early next year. The intention, for those not already aware, being for said employees to take over the running of AMD's fabs in Dresden which will be producing AMD's chips, as well as outsourcing production to other companies.
In the grand scheme of things, the loss of 500 staff isn't actually that bad, given the financial difficulties AMD has had of late in its attempts to remain competitive with Intel. As much as we like to see Intel at the top of its game, no-one wants the blue team holding a monopoly on the CPU market, so AMD had better shape up and dole out some decent kit soon, 'asset light' or not.