A simple CMOS circuit which performs analog four-quadrant multiplication is described. Transconductance as well as voltage-mode operation is practicable. The basic circuit consists of only two transistors, at least one of which is depletion-mode. We analyze sources of error in the multiplier, and suggest additional circuitry to improve performance. The circuit has been fabricated in thin-film silicon-on-sapphire and test results are reported. Error relative to full-scale output, and total harmonic distortion with individual multiplicands varied sinusoidally, were both observed to be on the order of 1% to 3% with full-scale inputs.