Exhibit 99.1

Teradyne Reports Third Quarter 2011 Results

- 20% operating profit rate

- Q3’11 revenue of $344 million, down 16% from Q2’11 and down 30% from Q3’10

- Q3’11 diluted non-GAAP income from continuing operations of $0.34 per share, down from $0.50 per share in Q2’11 and down from $0.80 per share in Q3’10; Q3’11 diluted GAAP income from continuing operations of $0.25 per share

- Q4’11 guidance including impact of LitePoint acquisition: Revenue of $270 million to $300 million; Diluted non-GAAP income from continuing operations of $0.08 to $0.16 per share; Diluted GAAP loss from continuing operations of $0.10 to $0.02 per share

NORTH READING, Mass. – October 26, 2011 – Teradyne, Inc. (NYSE: TER) reported revenue of $344 million for the third quarter of 2011 of which $241 million was in Semiconductor Test and $103 million in Systems Test Group. On a non-GAAP basis, Teradyne’s income from continuing operations in the third quarter was $66.1 million, or $0.34 per diluted share, which excluded acquired intangible asset amortization, non-cash convertible debt interest and acquisition related costs. GAAP income from continuing operations for the third quarter was $54.7 million, or $0.25 per diluted share.

Bookings in the third quarter of 2011 were $240 million of which $196 million were in Semiconductor Test and $44 million in the Systems Test Group.

“Record hard disk drive test shipments in the third quarter combined with our lean operating model to produce our seventh consecutive quarter of above model profitability,” said Mike Bradley, Teradyne President and CEO. “Semiconductor test orders and revenue softened in line with industry trends during the quarter, but we continued to see relative strength in the mobility segments driven by power management, image sensors, wireless and mobile processors.”

“Our recent acquisition of LitePoint adds another growth engine to Teradyne’s portfolio of test solutions,” noted Bradley. “This strategic use of capital significantly enlarges our served market into wireless product testing.”

Guidance for the fourth quarter of 2011 is for revenue of $270 million to $300 million, with non-GAAP income from continuing operations per diluted share of $0.08 to $0.16 and GAAP loss from continuing operations per diluted share of $0.10 to $0.02. Non-GAAP guidance excludes acquired intangible asset amortization, non-cash convertible debt interest, acquisition related costs and estimated GAAP purchase accounting charges related to the LitePoint acquisition.

Webcast

A conference call to discuss the third quarter 2011 results, along with management’s business outlook is scheduled at 10 a.m. EDT, Thursday, October 27. The call will be broadcast simultaneously over the Internet. Interested investors should access the webcast at www.teradyne.com and click on “Investors” at least five minutes before the call begins.

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A replay will be available approximately two hours after the completion of the call. The replay number in the U.S. & Canada is 855-859-2056. The replay number outside the U.S. & Canada is 404-537-3406. The pass code for both numbers is 19277276. A replay will also be available on the Teradyne website at www.teradyne.com and by phone. The phone replay will be available through November 12, 2011.

Non-GAAP Results

In addition to disclosing results that are determined in accordance with GAAP, Teradyne also discloses non-GAAP results of operations that exclude certain income items and charges. These results are provided as a complement to results provided in accordance with GAAP. Non-GAAP income from operations and non-GAAP income from continuing operations exclude acquired intangible asset amortization, non- cash convertible debt interest, and restructuring and other, net. GAAP requires that these items be included in determining income from operations and income from continuing operations. Non-GAAP income from operations, non-GAAP income from continuing operations, non-GAAP income from operations and non-GAAP income from continuing operations as a percentage of revenue, and non-GAAP income from continuing operations per share are non-GAAP measures presented to provide meaningful supplemental information regarding Teradyne’s baseline performance before gains, losses or other charges that may not be indicative of Teradyne’s current core business or future outlook. These non-GAAP measures are used to make operational decisions, to determine employee compensation, to forecast future operational results, and for comparison with Teradyne’s business plan, historical operating results and the operating results of Teradyne’s competitors. Non-GAAP diluted shares include the impact of Teradyne’s call option on its shares. Management believes each of these non-GAAP measures provides useful supplemental information for investors, allowing greater transparency to the information used by management in its operational decision making and in the review of Teradyne’s financial and operational performance, as well as facilitating meaningful comparisons of Teradyne’s results in the current period compared with those in prior and future periods. A reconciliation of each available GAAP to non-GAAP financial measure discussed in this press release is contained in the attached exhibits and on the Teradyne website at www.teradyne.com by clicking on “Investors” and then selecting the “GAAP to Non-GAAP Reconciliation” link. The presentation of non-GAAP measures is not meant to be considered in isolation, as a substitute for, or superior to, financial measures or information provided in accordance with GAAP.

About Teradyne

Teradyne (NYSE:TER) is a leading supplier of Automatic Test Equipment used to test semiconductors, wireless products, data storage and complex electronic systems which serve consumer, communications, industrial and government customers. In 2010, Teradyne had sales of $1.6 billion and employs approximately 3,200 people worldwide. For more information, visit www.teradyne.com. Teradyne(R) is a registered trademark of Teradyne, Inc. in the U.S. and other countries.

Safe Harbor Statement

This release contains forward-looking statements regarding future business prospects, Teradyne’s results of operations and market conditions. Such statements are based on the current assumptions and expectations of Teradyne’s management and are neither promises nor guarantees of future performance. You can identify these forward-looking statements based on the context of the statements and by the fact that they use words such as “will,” “anticipate,” “expect,” “project,” “intend,” “plan,” “believe,” “target” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance.

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There can be no assurance that management’s estimates of Teradyne’s future results or other forward looking statements will be achieved. Important factors that could cause actual results to differ materially from those presently expected include: conditions affecting the markets in which Teradyne operates; decreased or delayed product demand; increased competition in certain markets resulting from the merger of Advantest and Verigy; the future business prospects of Teradyne’s LitePoint business unit; and other events, factors and risks disclosed in filings with the SEC, including, but not limited to, the “Risk Factors” section of Teradyne’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010 and Quarterly Report on Form 10-Q for the period ended July 3, 2011. The forward-looking statements provided by Teradyne in this press release represent management’s views as of the date of this release. Teradyne anticipates that subsequent events and developments may cause management’s views to change. However, while Teradyne may elect to update these forward-looking statements at some point in the future, Teradyne specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Teradyne’s views as of any date subsequent to the date of this release.

TERADYNE, INC. REPORT FOR THIRD FISCAL QUARTER OF 2011

CONDENSED CONSOLIDATED OPERATING STATEMENTS

(In thousands, except per share amounts)

CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)

GAAP to Non-GAAP Earnings Reconciliation

(In millions, except per share amounts)