Synopsys shares plunged after missing analysts’ forecasts and lowering full-year outlook due to declining demand for design intellectual property. Quarterly earnings per share were $3.39, below expectations. Revenue rose 14% to $1.74 billion but missed projections. Sales of design intellectual property dropped 8% to $427.6 million. CEO called it a “transformational quarter.” Company anticipates lower earnings for current and full year.

Read more at Yahoo Finance: Chip Design Software Provider Synopsys’ Stock Drops 35% on Weak Earnings, Outlook