Synopsys pulls full-year guidance, citing new China export restrictions
Synopsys was already facing a slowdown in China. Now it's trying to assess the impact of new export restrictions.
Synopsys pulled its guidance for the full fiscal year on Thursday, citing a letter it received from the U.S. Commerce Department on restrictions of sales of its products in China. The stock closed down 1.6%.
The announcement comes one day after Synopsys CEO Sassine Ghazi disputed a report that the White House told the company, as well as rivals Cadence and Siemens, to stop selling to clients in China. He said he had wanted to address the swirling of speculation.