$TER Q3 beat expectations, and the Q4 guide is above expectations. Revenue $1.… · @carrioresearch · TwKit

@carrioresearch

$TER Q3 beat expectations, and the Q4 guide is above expectations. Revenue $1.31B vs $1.27B expected (+2.8%), up 70% YoY Non-GAAP EPS $2.29 vs $2.06 expected (+11.2%) Gross margin 59.1%, operating margin 31.6% Semi Test $1,072M (+77% YoY), Product Test $138M (+57%), Robotics $96M (+28%) Q4 guide: revenue $1.25B–$1.35B vs $1.27B expected; EPS $1.95–$2.25 vs $2.03 Teradyne says demand ran across the whole AI chain this quarter. Memory test and Integrated Systems Test both set records, with hard drive test and high-speed interconnect test adding to it. Product Test grew 29% from Q2, and Robotics had its best Q3 ever and turned profitable. Teradyne is the last check an AI chip passes before it ships. Every GPU, custom accelerator and HBM stack goes through a tester, and bigger multi-die packages take longer to test, so test demand grows with how complex AI chips get as well as how many ship. The same demand runs up the line into probe cards ($FORM, and Technoprobe, where Teradyne holds a stake) and down into packaging at $AMKR and ASE and HBM at $MU and $SKHY. The Street had modeled a flat Q4. The guide midpoint of $1.30B is above that, and test sits right before shipment, so it points to more finished AI chips and memory leaving the line into year-end. Management says it goes into 2027 "with a more diversified business and an expanding set of opportunities." I hope tomorrow's 8:30 a.m. ET call puts numbers on memory test demand for 2027 and on the next hyperscaler programs.

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