December 6, 2024 /SemiMedia/ — Analog Devices (ADI) has reduced its global workforce by approximately 2,000 employees over the past year, an 8% decrease. According to its annual report, ADI's total headcount as of November 2 was around 24,000, down from 26,000 as of October 28, 2023.

In Massachusetts, ADI had 2,643 full-time positions as of July 1, a 7% decrease from 2,834 positions in the previous year, representing a reduction of nearly 200 roles.

An ADI spokesperson noted that while workforce numbers may fluctuate annually, the company maintains a robust talent pool and remains confident in its ability to drive innovation and growth. The spokesperson also reaffirmed ADI's commitment to its Massachusetts roots and the local technology ecosystem, where the company was founded nearly 60 years ago.

Financially, ADI reported revenue of $9.43 billion for fiscal year 2024, a 23% decline from $12.31 billion the previous year. Fourth-quarter revenue stood at $2.443 billion. For the first quarter of fiscal year 2025, ADI forecasts revenue of $2.35 billion. The company’s market capitalization exceeds $100 billion.