08:03 AM EDT, 09/10/2025 (MT Newswires) -- Synopsys ( SNPS ) shares fell more than 23% in Wednesday's premarket activity after the company announced plans to reduce its headcount by 10%.

The announcement was made by CEO Sassine Ghazi in a call with analysts on Tuesday.

"We will continue harnessing AI efficiencies to optimize our cost structure," he said, according to a transcript. "Taken together, we expect to undertake related actions starting soon that will reduce our global headcount roughly 10% by the end of fiscal year 2026."

The company on Tuesday reported fiscal Q3 results that fell below Wall Street estimates. It also cut its full-year earnings outlook.

Price: 463.87, Change: -140.87, Percent Change: -23.31