Teradyne Just Flipped The AI Switch: Breakout Earnings, Volume, And A Possible Re-Rating In Progress

Teradyne's Q2 2025 was not a blockbuster quarter, but there were definitely some interesting signals under the hood, especially if you're following the AI test space. Revenue came in at $652M, down about 4.7% YoY. Gross margin took a hit, down 170 bps to 57.3%. The memory test business is still soft, and robotics also showed weakness. However, AI-related SoC demand showed up in a big way. Operating margin dropped to 15.1% (non-GAAP), down 250 bps from a year ago. Not ideal, but again, they're in investment mode, and the revenue mix (more robotics + less memory) dragged things down a bit.