Analog chip giant begins layoffs

 


【Lansheng Technology News】According to official notices submitted to the California Employment Development Department, the latest round of layoffs disclosed by technology companies such as Analog Devices , ForgeRock, Nextdoor and Flex will eliminate 350 jobs.


Among them, ADI is laying off 111 employees at its Rio Robles office building in northern San Jose. The layoffs are expected to take effect on January 12, 2024.


According to the fourth fiscal quarter report released by major analog IC manufacturer ADI on November 21, due to the still high semiconductor inventory, revenue decreased by 16% year-on-year to US$2.72 billion, but slightly higher than the US$2.7 billion expected by FactSet survey. Among them, only automotive revenue grew positively, up 14% year-on-year to US$730 million, and automotive revenue accounted for 27% of the overall revenue. Industrial revenue accounts for about 50% and is the largest source of revenue, but revenue in the fourth quarter fell 20% year-on-year to US$1.35 billion.


Looking at the full year of fiscal 2023, ADI's revenue was US$12.3 billion, an increase of 2% from the previous year, driven by new records in the industrial and automotive fields. The company's gross profit margin increased 5% to US$7.9 billion, and its gross profit margin reached 64%. Operating income increased significantly by 17% to $3.8 billion, and operating profit margin reached 31.1%.


In addition to ADI, EDD documents show that hyperlocal social networking service company Nextdoor will lay off 99 jobs in San Francisco, identity and access management software company ForgeRock will lay off 109 positions in San Francisco, and electronics specialty manufacturing services company Flextronics (Flex) is laying off 99 jobs in Milpi, California. Tas is cutting 31 positions.


In the nearly two years starting in January 2022, technology companies (including the latest disclosed layoffs) have cut more than 31,900 jobs in the San Francisco Bay Area, according to the agency's compilation and analysis of hundreds of EDD letters.


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