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Teradyne, Inc. (NASDAQ:TER) reported better-than-expected second-quarter results but issued soft third-quarter guidance after the closing bell on Wednesday.
Teradyne reported quarterly earnings of 86 cents per share which beat the analyst consensus estimate of 77 cents per share. The company reported quarterly sales of $729.879 million which beat the analyst consensus estimate of $701.204 million, according to data from Benzinga Pro.
Teradyne said it sees third-quarter revenue of $680 million to $740 million versus estimates of $717.66 million. The company projects adjusted earnings of 66 cents to 86 cents per share, versus estimates of 86 cents per share.
“In the second quarter, AI applications drove accelerated demand from both compute and memory customers, and our robotics business grew sequentially and year-over-year,” said Teradyne CEO Greg Smith. “Overall, 2024 is shaping up as we expected, and we believe the deployment of edge AI will strengthen demand in our test and robotics businesses over the mid-term.”
Teradyne shares gained 1.4% to trade at $126.11 on Friday.
These analysts made changes to their price targets on Imax following the announcement.
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Posted In: TER