Latest news with #BISLetter
CNBC
29-05-2025
- Business
- CNBC
Synopsys pulls full-year guidance, citing new China 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 dropped about 3%. 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. "Synopsys is currently assessing the potential impact of the BIS Letter on its business, operating results and financial condition," the company said in a statement on Thursday. On a conference call with analysts on Wednesday, Ghazi had said the company saw a slowdown in China during its fiscal second quarter, which ended on April 30. "Recall as we started sometime in FY 2024 communicating that we are seeing both a cumulative impact of the restrictions in China as well as the macro situation inside China have caused us to continue on communicating that this deceleration will continue, and that headwind has gotten stronger as we go through the each quarter over the last year, year and a half," he said.
Yahoo
29-05-2025
- Business
- Yahoo
Synopsys Issues Statement in Connection with BIS Letter
SUNNYVALE, Calif., May 29, 2025 /PRNewswire/ -- Today, Synopsys, Inc. (Nasdaq: SNPS) has suspended its financial guidance for the third quarter of fiscal year 2025 and full fiscal year 2025. The company issued the below statement: On May 29, 2025, following the announcement of Synopsys' financial results of its second fiscal quarter ended April 30, 2025, Synopsys received a letter from the Bureau of Industry and Security of the U.S. Department of Commerce informing Synopsys of new export restrictions related to China (the "BIS Letter"). Synopsys is currently assessing the potential impact of the BIS Letter on its business, operating results and financial condition. About SynopsysCatalyzing the era of pervasive intelligence, Synopsys, Inc. (Nasdaq: SNPS) delivers trusted and comprehensive silicon to systems design solutions, from electronic design automation to silicon IP and system verification and validation. We partner closely with semiconductor and systems customers across a wide range of industries to maximize their R&D capability and productivity, powering innovation today that ignites the ingenuity of tomorrow. Learn more at INVESTOR CONTACT:Trey CampbellSynopsys, Inc.650-584-4289Synopsys-ir@ EDITORIAL CONTACT:Cara WalkerSynopsys, Inc.650-584-5000corp-pr@ Cautionary Statement Regarding Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding Synopsys' assessment of the potential impact of the BIS Letter. These statements involve risks, uncertainties and other factors, including those factors listed in Synopsys' most recent reports on Form 10-K and Form 10-Q, that could cause our actual results, time frames or assessment to differ materially from those expressed or implied in such forward-looking statements. The information provided herein is as of May 29, 2025. Synopsys undertakes no duty to, and does not intend to, update any forward-looking statement, whether as a result of new information, future events or otherwise, unless required by law. View original content to download multimedia: SOURCE Synopsys, Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
