December 15, 2023 /SemiMedia/ -- Analog Devices is laying off 111 employees at its Rio Robles office building in north San Jose, according to reports. The cuts are expected to take effect on January 12, 2024.

According to financial data released by the company in November, ADI reported adjusted revenue of $2.716 billion in the fourth quarter of fiscal 2023, with revenue down 16% from the same period last year.

Among them, the weakness of communications, consumer and industrial markets is a major negative factor.

The revenue generated by the industrial market decreased by 20% year-on-year; the communications market revenue decreased by 32% compared with the number reported in the previous fiscal quarter; the consumer market decreased by 28% compared with the number reported in the previous fiscal quarter; and the automotive market revenue increased by 14% compared with the same period last year.

Additionally, the company's first-quarter revenue and profit for the next fiscal year are expected to be below market expectations as they grapple with ongoing oversupply issues in the semiconductor industry. They noted that customers hit by inflation are no longer placing new chip orders.