Chip-design software maker Synopsys plans to lay off about 10% of its workforce, or roughly 2,000 employees, to focus on growth opportunities after acquiring Ansys for $35 billion. The company expects to incur $300 million to $350 million in charges for severance and site closures, with majority of reductions in fiscal year 2026.

Global layoffs have surged this year, with U.S. employers cutting over 150,000 jobs in October. Tech firms led the job cuts, followed by retailers and the services sector. Synopsys, a provider of software and hardware for designing advanced processors, has faced challenges in China due to export restrictions.

Despite challenges in China, Synopsys has partners like Nvidia, Intel, and Qualcomm. The company has faced disruptions in China due to export restrictions but saw a lift in July with the U.S. easing restrictions for chip design software developers. The layoff announcement comes after Synopsys missed third-quarter revenue estimates in September.

Read more at Yahoo Finance: Synopsys plans 10% job cuts after Ansys deal closure