Onto Innovation shares near 2-year low on weak quarterly forecasts

Shares in semiconductor equipment maker Onto Innovation Inc ONTO.N down 30.3% at $88.58, hitting lowest point since May 2023

Co forecasts Q2 revenue in the range of $240 million-$260 million vs estimates of $263.7 mln, and Q2 adj. EPS between $1.21 and $1.35 vs estimates of $1.46 - LSEG

Co reports Q1 profit and revenue slightly above analysts' expectations

At least four brokerages cut PT on stock

Brokerage Needham says that market share loss in AI packaging technology to competitor KLA Corporation KLAC.O "could mean the rapid derating of ONTO over the past three months is unlikely to reverse in the near term"

Including session's losses, stock down ~46% YTD vs Philadelphia semiconductor index's .SOX decline of ~10% YTD