Given the layoffs and thinking what AMDs strenghts are and where they can compete I can see following possibility:
They screw CPU enthusiasts and focus only on OEM and profesional markets. This means server chips, APUs - both BD and Bobcat based. Possibly an ARM license, to build an FSA based APU to be used in next gen consoles (see XBox Loop rumour), both bigger and smaller. GPUs will continue like they do now, with a stronger push towards professional markets and GPGPU.
You don't need a lot of PR for that, the OEMs will do promoting for their products, that is why mainly PR staff was axed.