CNET también está disponible en español.

Ir a español

Don't show this again

Elliot Page Fortnite Galactus event Arecibo Observatory damaged PS5 restock soon Cyber Monday deals still around Google Doodle's holiday lights Second stimulus check

Teradyne collapses on 4Q outlook, downgrades

Chip-equipment maker Teradyne continued its free fall Tuesday, plunging $11.06, or 32 percent, to a 52-week low of $23.38 Tuesday following its third-quarter earnings report.

Teradyne (NYSE: TER) did top analysts' estimates in the quarter, earning $153.5 million, or 84 cents a share, on sales of $848 million.

First Call Corp. consensus expected it to earn 83 cents a share in the quarter.

However, its less-than-scintillating outlook compelled both Chase H&Q and Merrill Lynch to cut the stock.

Company officials said shipments of semiconductor test-related equipment are expected to fall 2 percent to 4 percent in the fourth quarter from the third quarter, resulting in a fourth-quarter profit of between 66 cents to 67 cents a share

First Call Corp. consensus was expecting a profit of 91 cents a share in the quarter.

"The evidence suggests slower growth," CEO George Chamillard said in a conference call. "The level of uncertainty has risen."

Merrill Lynch analyst Brett Hodess cut his near-term and long-term ratings on the stock to "accumulate" from "buy." He also reduced year 2000 revenue estimates to $3.07 billion from $3.17 billion.

Chase H&Q cut the stock from a "buy" rating to a "market perform."

Teradyne shares lost 48 percent of their value Monday ahead of the earnings report.

The stock hit a 52-week high of $115.44 in April before falling to Tuesday's low.