Synopsys Suffers Worst Rout Ever After Trade War Hits Sales (1)

Shares of chip-design software maker Synopsys Inc. suffered their worst single-day decline on record after the company warned that US export restrictions are contributing to a slowdown in China, the largest market for semiconductors.

As part of the company’s quarterly report on Tuesday, Chief Executive Officer Sassine Ghazi said that a push to develop its own intellectual property isn’t achieving the desired results — partly because of the China challenges. Ghazi said he would be refocusing resources on other areas and is reducing the company’s headcount by about 10%.

“Our results were primarily impacted by underperformance in the IP business ...