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:
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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