Teradyne, Inc. ( TER ) shares are trading higher on Wednesday after the company reported better-than-expected second quarter earnings per share and sales.

TER stock is on the move, climbing higher. Check the price action here.

What To Know: The company reported adjusted earnings per share of 57 cents, beating the consensus estimate of 54 cents. In addition, it reported sales of $651.79 million, beating the consensus estimate of $647.90 million.

The company broke down revenue further, reporting $492 million from Semiconductor Test, $85 million from Product Test and $75 million from Robotics.

“Our Semiconductor Test Group drove better-than-expected results in the second quarter. System-on-a-Chip (SOC), primarily for artificial intelligence applications, was the strongest growth driver,” said Teradyne ( TER ) CEO Greg Smith.

“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.”

Q3 Outlook: The company expects GAAP earnings per share from 62 cents to 80 cents, versus the consensus estimate of 87 cents. Furthermore, the company anticipates adjusted earnings per share from 69 cents to 87 cents, versus the consensus estimate of 89 cents.

Teradyne ( TER ) sees sales from $710 million to $770 million, versus the consensus estimate of $757.60 million.

TER Price Action: Teradyne ( TER ) stock closed up 18.88% at $107.65 on Wednesday, according to data from Benzinga Pro.

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Image: This illustration was generated using artificial intelligence via Midjourney.