Semiconductor maker Teradyne (TER) - Get Teradyne, Inc. Report  rose sharply Wednesday after the company's second-quarter earnings and revenue beat analysts' estimates.

The stock rose 17.22% to $56.37 in trading Wednesday.

The North Reading, Mass.-based company reported second-quarter earnings of 66 cents per share adjusted on revenue of $564.2 million. Analysts were expecting the company to report earnings of 61 cents per share on revenue of $536.7 million.

For the current quarter, the company expects to earn between 64 cents and 74 cents per share on revenue between $540 million. and $580 million. Analysts are modeling for earnings of 62 cents per share on revenue of $538.9 million. 

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"We exceeded our revenue and profit guidance for the second quarter on stronger-than-expected results in semiconductor test as continued growth in 5G infrastructure, networking and memory test spending more than offset lower demand from automotive and industrial device makers," said Teradyne CEO Mark Jagiela.