By Teradyne, a leading automatic test systems developer, has announced a decrease in both revenue and net income for the latest quarter. In the second quarter that ended on July 2, the company recorded a net income of $120.1 million, or 73 cents per share, compared to $197.8 million, or $1.16 per share, in the same period last year. However, adjusted earnings came in at 79 cents per share, exceeding analysts’ expectations of 66 cents.
The revenue for the quarter also saw a decline of 19%, amounting to $684.4 million, down from $840.8 million. Despite this decrease, it still surpassed the projected revenue of $656.9 million as estimated by analysts polled by FactSet.
Teradyne has provided guidance for the upcoming period, with revenue expected to range between $650 million and $710 million. The company also anticipates adjusted earnings to fall between 61 cents and 81 cents per share, aligning with analysts’ estimations.
Greg Smith, the Chief Executive of Teradyne, commented on the current market conditions. He mentioned that there is strong demand for certain memory devices used in data center applications as they enter the third quarter. Additionally, there is a noticeable increase in the demand for SOC testing in automotive applications. However, Smith cautioned that in the robotics sector, order rates may decline, mainly due to slowing global industrial demand and prevailing macroeconomic headwinds.
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