Teradyne (TER) is down roughly 10% in Wednesday, April 29, 2026 trading, extending a sharp post-earnings move after the company reported first-quarter results after Tuesday’s close. The selloff is notable because the quarter itself came in ahead of consensus, with non-GAAP EPS of $2.56 and revenue of about $1.28 billion.

The move is being driven by positioning and expectations going into the print, with traders treating the report as a "sell-the-news" event. Even with a sizable Q1 beat, attention has shifted to the company’s forward outlook—particularly second-quarter guidance ranges and the implied margin trajectory—rather than backward-looking strength tied to AI-related test demand.

Key swing factors for the next 24–72 hours are management’s commentary on shipment timing, customer order visibility, and whether demand is being deferred in auto/industrial amid uncertainty around international trade policy. Investors will also key in on any updates to segment momentum (Semiconductor Test vs. Robotics) and whether incremental AI-driven demand is translating into durable pricing and margin support.