Stock Track | Onto Innovation Plunges 5.03% Despite Record Q4 Revenue and Growth

Stock Track
02-07

Onto Innovation Inc. (ONTO) saw its stock plunge 5.03% in Friday's trading session, despite reporting record quarterly revenue and solid growth for the fourth quarter and full year 2024.

The semiconductor equipment company posted Q4 2024 revenue of $264 million, a new record and representing a 21% increase from the same period in 2023. For the full year 2024, revenue grew 21% to $987 million.

Onto Innovation's performance was driven by strong demand in advanced nodes, AI packaging and autonomous driving segments. Notable highlights include:

  • Q4 GAAP net income of $48.8 million, or $0.98 per diluted share
  • Q4 non-GAAP net income of $74.8 million, or $1.51 per diluted share
  • Full year 2024 GAAP net income of $201.7 million, up 65% year-over-year
  • Full year 2024 non-GAAP net income of $265 million, up 43% year-over-year
  • AI packaging revenue grew 180% in 2024 compared to 2023

Despite the solid financial performance, the market reacted negatively, sending Onto Innovation's shares down in Friday's trading session. The company did not provide a specific reason for the stock plunge in its release.

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