Teradyne to Cut 1,000 Jobs, Some Salaries

Teradyne Inc., the biggest maker of semiconductor-testing equipment, said it will cut 1,000 jobs, or 11% of its work force, and reduce some employees’ pay as the chip-equipment industry works through its worst sales slump.

Salaries of higher-paid employees will be reduced as much as 15%, though salaries of lower-paid workers won’t be cut, the Boston-based company said.

In the second quarter, Teradyne reported its first loss in 10 years. Industrywide sales are forecast to decline as much as 35% this year, after rising 87% to $47.7 billion last year, according to Semiconductor Equipment and Materials International, a trade group.

The third-quarter loss will be about 32 cents a share, the company said. In July, the company had forecast a loss of 22 cents to 32 cents on revenue of $275 million to $325 million. Analysts on average were expecting a 15-cent loss, according to Thomson Financial/First Call.