FormFactor (FORM) shares surged 12.64% over the past 24 hours, with the rally accelerating in extended trading on Wednesday after the semiconductor test equipment maker reported second-quarter financial results that handily topped analyst expectations and issued a strong third-quarter outlook.

The company posted Q2 revenue of $258.2 million, up 31.9% year-over-year and well above the consensus estimate of $240 million. Adjusted earnings per share came in at $0.82, a 203.7% increase from the prior-year period and significantly beating the $0.61 analyst forecast. Adjusted net income reached $65 million, far exceeding the $48.5 million projection. CEO Mike Slessor attributed the results to years of investment in high-performance compute and advanced packaging, along with broad-based demand across DRAM, Foundry & Logic, and Systems segments.

For the third quarter, FormFactor guided for revenue of $270 million plus or minus $10 million, compared to estimates of $247.4 million, and adjusted EPS of $0.86 plus or minus $0.09, well above the $0.64 consensus. The robust guidance, driven by continued momentum in Foundry & Logic and Systems, further fueled investor optimism and triggered a sharp rebound from recent selling pressure in the semiconductor equipment sector.