Onto Innovation Inc. (ONTO) reported record quarterly revenue and solid growth for the fourth quarter and full year 2024, yet its stock plunged 6.1% in Friday's trading session.
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, driven by strong demand in advanced nodes, AI packaging, and autonomous driving segments.
Despite these stellar results, Onto Innovation's shares took a beating on Friday. The company did not provide a specific reason for the stock plunge, leaving investors puzzled. Potential factors could include profit-taking after the stock's recent rally, concerns about future growth or guidance, or broader market volatility.
While the stock's reaction is perplexing, Onto Innovation's Q4 results highlight the company's underlying strength and momentum in key growth areas. With no clear explanation for the plunge, investors may view this as an opportunity to buy into the company's long-term growth story.
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