Stock Track | Onto Innovation Plunges 5.6% After-Hours Despite Record Q4 Revenue and Solid Growth

Stock Track
02-07

Onto Innovation Inc. (NYSE: ONTO) saw its stock plunge 5.6% in after-hours trading on Thursday, February 6, 2025, 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 to the results, sending Onto Innovation's shares down in extended trading. The company did not provide a specific reason for the stock plunge in its release.

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