ONTO INNOVATION Announces Second Quarter Earnings Results for FY2023
August 22, 2023
☀️Earnings Overview
On August 10 2023, ONTO INNOVATION ($NYSE:ONTO) reported its earnings results for the second quarter of FY2023, ending June 30 2023. Total revenue for this period was USD 190.7 million, exhibiting a decrease of 25.6% compared to the same quarter in FY2022. Net income was USD 25.9 million, representing a decrease of 49.8% from the same quarter in the prior year.
Stock Price
The company’s stock opened at $119.0 and closed at $113.2, representing a decrease of 4.5% from its previous closing price of 118.5. Analysts have attributed the lower than expected earnings results to several factors, including a decrease in demand for ONTO INNOVATION’s products due to the global pandemic, as well as a decline in the company’s overall market share. The company believes that its investments in new products and technologies will lead to increased revenue and market share in the near future. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Onto Innovation. More…
| Total Revenues | Net Income | Net Margin |
| 897.35 | 173.39 | 19.4% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Onto Innovation. More…
| Operations | Investing | Financing |
| 163.07 | -45.38 | -70.39 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Onto Innovation. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.82k | 164.15 | 33.77 |
Key Ratios Snapshot
Some of the financial key ratios for Onto Innovation are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 25.1% | 45.2% | 19.4% |
| FCF Margin | ROE | ROA |
| 15.5% | 6.6% | 6.0% |
Analysis
At GoodWhale, we have conducted an analysis of ONTO INNOVATION’s financials. Based on our Risk Rating, ONTO INNOVATION is considered a medium risk investment in terms of financial and business aspects. We have identified one risk warning in the balance sheet, and we encourage users to become a registered user in order to check it out. As an independent research firm, we are committed to providing investors with detailed insights into the financial risks associated with their investments. Our comprehensive analysis process helps investors to make informed decisions and manage their investments more effectively. More…
Peers
The company’s products are used in the manufacture of integrated circuits (ICs), and its customers include major semiconductor manufacturers and foundries. Onto Innovation Inc’s competitors include Spectra7 Microsystems Inc, Alchip Technologies Ltd, and AXT Inc.
– Spectra7 Microsystems Inc ($TSXV:SEV)
Spectra7 Microsystems Inc is a Canadian technology company that designs, develops and markets high-speed semiconductor products for the consumer electronics and cable television industries. The company’s products are used in a variety of applications, including cable modems, set-top boxes, digital video recorders, video game consoles and high-definition televisions. Spectra7’s products are based on its proprietary technology that enables the transmission of data over long distances at high speeds.
Spectra7’s market cap is 18.51M as of 2022. The company’s return on equity is -345.75%.
Spectra7 Microsystems Inc is a technology company that designs, develops, and markets high-speed semiconductor products. The company’s products are used in cable modems, set-top boxes, digital video recorders, video game consoles, and high-definition televisions.
– Alchip Technologies Ltd ($TWSE:3661)
Alchip Technologies Ltd is a global leader in the design and manufacture of advanced silicon chips. The company has a market cap of 44.3B and a ROE of 11.05%. Alchip provides a full range of services to its customers, from initial design and development to volume production and packaging. The company’s products are used in a variety of applications, including communication, computing, consumer, industrial, and automotive.
– AXT Inc ($NASDAQ:AXTI)
AXT Inc is a company that manufactures and sells semiconductor wafers. The company has a market cap of 189.46M as of 2022 and a Return on Equity of 4.5%. AXT Inc’s products are used in a variety of applications, including mobile phones, laptops, and other electronic devices. The company has a strong presence in the Asia-Pacific region and is expanding its operations into other markets.
Summary
Onto Innovation reported a decrease in total revenue and net income for the second quarter of FY2023, ending June 30 2023. Total revenue was USD 190.7 million, a 25.6% decrease from the same quarter in the previous fiscal year, while net income was USD 25.9 million, a 49.8% decrease from the same quarter in the prior year. This news has caused the stock price to move down, presenting a potential buying opportunity for investors looking to add ONTO INNOVATION to their portfolio. Investors should closely monitor the company’s financial performance and future developments in order to make an informed investment decision.
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