Teradyne reports October 27 with a guide below its $1.33 billion record
FormFactor closed the $300 million placement on October 20, Teradyne's robots took the GTC Berlin stage on October 21, and the Texas probe-card plant opened October 22. On October 27 Teradyne must show whether a quarter guided below its last print is caution or a cooling cycle.
Vincent Jiang · 2 min read
Teradyne−9.74% — Teradyne, down 9.74 percent today closed a $300 million investment in probe-card maker FormFactor on October 20, put its robots on the stage at Nvidia's−3.60% — Nvidia, down 3.60 percent today GTC Berlin on October 21, and watched FormFactor−13.16% — FormFactor, down 13.16 percent today open a new Texas plant on October 22 235. Now the accounts have to talk: Teradyne reports third-quarter results after the close on October 27, with the call on October 28, and its own guidance for that quarter sits below the quarter it just reported 1.
A doubled company guides its next quarter lower
The record, dated. Second-quarter revenue hit $1.33 billion, up 103.9 percent from $652 million a year earlier, with adjusted EPS of $2.47 against $0.57 1. Semiconductor test supplied $1.12 billion of it; robotics, $100 million 1. Third-quarter guidance is $1.20 billion to $1.30 billion of revenue and adjusted EPS of $1.85 to $2.15, both ranges below the quarter just reported 1. The sell side, midpointed in prose: consensus of $1.26 billion and $2.08, implying 63.7 percent year-over-year revenue growth 1.
Teradyne guides its next quarter below the one it just reported
- Revenue, USD bn
- Estimate
Data
| Revenue, USD bn | |
|---|---|
| Q2 actual | $1.33 |
| Q3 guide low (estimate) | $1.2 |
| Q3 guide high (estimate) | $1.3 |
| Consensus (estimate) | $1.26 |
Revenue has doubled inside a year to the $1.33 billion record
Data
| Revenue, USD bn | |
|---|---|
| Q3 '24 | $0.74 |
| Q4 '24 | $0.75 |
| Q1 '25 | $0.69 |
| Q2 '25 | $0.65 |
| Q3 '25 | $0.77 |
| Q4 '25 | $1.08 |
| Q1 '26 | $1.28 |
| Q2 '26 | $1.33 |
What the $300 million bought
Teradyne spent the quarter buying into the consumable. A Regulation D filing records FormFactor receiving $300,000,056 from a single investor, Teradyne, closed October 20 2. On October 22 FormFactor opened its Farmers Branch, Texas plant for advanced probe cards, the hardware that touches every wafer before packaging, citing demand from GPUs, custom ASICs and high-bandwidth memory 3. At GTC Berlin, Teradyne Robotics showed Sereact's Cortex model running on Universal Robots arms that now process returned fashion at Zalando's fulfillment centers in Greven, Germany and Świebodzin, Poland 5.
But the filings and the insider tape pull the other way
Industrial automation is 9.7 percent of Teradyne's sales against 79.1 percent for testers 2, so the robot story stages well and weighs little. FormFactor's chief executive Mike Slessor has sold $5.52 million of stock since August with no open-market purchases, the latest $1.39 million the day after the placement was disclosed, at prices above the current $107.70 4. Seventeen analysts still average a $445.47 target against a $345.49 close 2.
What October 27 decides
Two readings, two prices. If the conservative guide reflects order-book caution and the print lands above $1.33 billion, the boom is intact and the FormFactor stake looks like an offensive buy at the bottleneck 14. If the print lands inside the guide, the sequential slowdown is real, and the $300 million plus the Texas plant read as hedges against a test cycle that is cooling 14. FormFactor reports October 28; its call, and whether management explains the placement's purpose, lands one day after Teradyne's 14.
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