Analog Devices Inc. (ADI), one of Massachusetts' largest employers, has announced significant workforce reductions, both globally and locally, as part of ongoing efforts to streamline operations in a challenging economic environment. According to the company’s annual report filed on November 2, 2024, ADI’s global headcount has dropped to approximately 24,000 employees, marking a decrease of 2,000 workers—an 8% reduction from the previous year.

The company also scaled back its operations in Massachusetts, where it cut nearly 200 positions. As of July 1, 2024, ADI employed 2,643 full-time workers in the state, a decrease of 7% from the 2,834 positions it held at the same time in 2023.

Despite the layoffs, an ADI spokesperson emphasized that the company remains committed to innovation, with a strong talent pipeline in place to support its continued growth. "Our workforce may fluctuate annually, but we are confident in our ability to accelerate innovation and expand our business," the spokesperson stated. ADI, headquartered in Massachusetts, has been a major part of the state's tech ecosystem for nearly 60 years.

In terms of financial performance, ADI reported a 23% decline in annual revenue for fiscal year 2024, which totaled $9.43 billion, down from $12.31 billion in the previous year. For the first quarter of fiscal year 2025, the company forecasts revenue of approximately $2.35 billion. Despite these challenges, ADI’s market value remains robust, exceeding $100 billion.

ADI’s workforce reduction follows similar trends in the local tech industry, with other Massachusetts-based companies such as Akamai Technologies and iRobot also recently announcing layoffs.