What is the market's earnings forecast for Teradyne next quarter?

What were the key takeaways from Teradyne’s earnings call?

Did Teradyne beat or miss consensus estimates last quarter?

What is Teradyne's latest dividend and current dividend yield?

What is the revenue and EPS growth rate for Teradyne year over year?

What factors drove the changes in Teradyne's revenue and profit?

What is Teradyne's gross profit margin?

What guidance did Teradyne's management provide for the next earnings period?

- **Q3 Growth Accelerates**: 18% sequential revenue growth to $769M, driven by AI compute (UltraFLEXplus) and memory test (HBM4, DRAM).
- **Q4 Guidance Strong**: $920M-$1B sales, 2/3 from compute/networking, 1/3 from memory. Non-GAAP EPS $1.20-$1.46.
- **AI Test Intensity Rising**: Chiplet designs and data center reliability driving higher test requirements for high-performance compute.
- **Memory Resilience**: Despite 15% YoY decline, memory revenue sustained at 2024 levels due to HBM upgrades and SSD demand.
- **Long-Term AI Focus**: 2026+ growth driven by AI in compute, memory, and power ICs, with OpEx targeting 50% of revenue growth.

**【CEO Summary Section】**
- Q3 revenue grew 18% sequentially to $769 million, driven by AI demand in semiconductor test. Non-GAAP EPS was $0.85, up 49% from Q2.
- UltraFLEXplus systems saw strong demand for AI compute and networking, with Q3 memory test revenue doubling to $128 million (75% DRAM, 25% flash).
- Robotics revenue remained flat at $75 million, but AI-related products accounted for 8% of sales (up from 6% in Q2).
- Q4 guidance: Sales $920M-$1B, non-GAAP EPS $1.20-$1.46, with 2/3 of upside from compute/networking, 1/3 from memory.
- Long-term focus on AI-driven growth in compute, memory, and power ICs, with OpEx targeting 50% of revenue growth rate.

**【CFO Financial Commentary】**
- Q3 non-GAAP gross margin 58.5%, above guidance due to favorable mix. OpEx $293M (+14% YoY) driven by R&D and AI-related investments.
- Q4 gross margin expected 57-58%, with one-time supply costs to meet accelerated demand. OpEx as % of sales 31-33%.
- Free cash flow $2M (impacted by receivables and inventory growth). Share buybacks $246M in Q3, total returns $575M YTD.
- Balance sheet strategy: Maintain $400M cash, leverage credit lines for growth.

**【Q&A Key Highlights】**
- Q4 upside ($150M vs. consensus) driven by compute (2/3) and memory (1/3), with HBM4 ramp and VIP projects.
- Test intensity for high-performance compute expected to increase due to chiplet designs and data center reliability requirements.
- Memory TAM contraction (low double digits) but Teradyne expects 2024-level revenue due to HBM4 upgrades and SSD demand.
- Robotics recovery slower than expected, but service revenue growing (14% of Q3 sales vs. 12% in Q2).
- 2026 outlook: AI and verticalization as primary growth drivers, with compute and memory leading the way.

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