Synopsys Inc. (NASDAQ:SNPS) saw its shares plummet by 35.84 percent to a new five-month low on Wednesday following a disappointing third-quarter earnings report, with net income dropping by 40.56 percent to $242.5 million despite a 13 percent increase in total revenues to $1.7 billion.

President and CEO Sassine Ghazi of Synopsys Inc. (NASDAQ:SNPS) described the third quarter as transformational, emphasizing the completion of the Ansys acquisition and the company’s positioning as a crucial partner for technology R&D in designing AI-powered products, despite underperformance in the IP business.

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Read more at Yahoo Finance: Synopsys (SNPS) Drops to 5-Month Low on Dismal Earnings