Teradyne shares fall 7% after forecasting another drop in revenue
By Ben Glickman
Shares of Teradyne declined in post-market trading on Tuesday after it warned of weaker demand for some systems and forecast another drop in revenue.
The stock (TER) was down 7.3% to $97.00 in after-hours trading, and lost 1.4% to fall to $104.59 at the close. Shares are down 2.8% in the past year.
The automatic testing-equipment maker said it expects first-quarter revenue of $540 million to $590 million, a fall of about 4.5% to 12.5% from the same period a year earlier. Analysts polled by FactSet expect first-quarter revenue of $625.5 million.
Per-share profit is expected to be 19 cents to 35 cents in the first quarter, down from 50 cents a year earlier and below analysts' expectations.
Stripping out certain one-time items, Teradyne expects a per-share profit of 22 cents to 38 cents, compared with a profit of 54 cents expected by analysts.
The North Reading, Mass.-based, company also reported a more-than-expected slump in fourth quarter revenue as profit fell. After reporting its latest results Teradyne has posted a fall in sales for the last two years.
Chief Executive Greg Smith said results were affected by weaker demand in system-on-a-chip test systems. Demand was stronger in memory test systems and robotics, the company said.
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
01-30-24 1944ET
Copyright (c) 2024 Dow Jones & Company, Inc.-
Markets Brief: Tech Stocks Lead Ahead of Nvidia Earnings
-
How Anti-Obesity Drugs Are Innovating the Healthcare Market
-
What’s Happening In the Markets This Week
-
Why Immigration Has Boosted Job Gains and the Economy
-
What to Invest in During High Inflation
-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Should You Buy and Hold an Artificial Intelligence Portfolio?
-
3 Cheap and Dependable Dividend-Growth Stocks to Buy
-
The Best Bank Stocks to Buy
-
After Earnings, Is Roblox Stock a Buy, Sell, or Fairly Valued?
-
After Earnings, Is Lyft Stock a Buy, a Sell, or Fairly Valued?
-
8 Stock Picks in the Apparel Industry
-
Baidu Earnings: Advertising Weakness Offset by Continued Growth In Cloud Business
-
Going Into Earnings, Is Target Stock a Buy, a Sell, or Fairly Valued?