July 29 (Reuters) - Teradyne TER.O beat Wall Street estimates for second-quarter revenue on Tuesday, helped by steady demand for the company's semiconductor-testing equipment, sending its shares 3.5% higher in extended trading.
Companies such as Teradyne, which make testing tools for chips, have seen a surge in demand as semiconductor makers invest in quality control while scaling up capacity to meet an artificial intelligence-led boom.
"Visibility into the remainder of the year has improved, and demand in compute, networking and memory is strengthening. The exact timing of program ramps and capacity adds remain uncertain, but we believe that AI will drive strong second half performance for Teradyne," said CEO Greg Smith.
Teradyne designs and develops technology for chips and electronic equipment testing, and also sells robotic systems to customers in the manufacturing sector. The company caters to customers such as Qualcomm QCOM.O and Texas Instruments TXN.O.
The company posted revenue of $651.8 million for the second quarter ended June 29, above the average estimate of $649.9 million, according to data compiled by LSEG.
On an adjusted basis, Teradyne earned 57 cents per share, compared with estimates of 54 cents apiece.
The semiconductor test segment, Teradyne's largest, posted $492 million in revenue for the quarter.
The company forecast third-quarter revenue in the range of $710 million to $770 million, compared with analysts' average estimate of $752.9 million.
(Reporting by Juby Babu in Mexico City; Editing by Leroy Leo)
((Juby.Babu@thomsonreuters.com;))
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