Onto Innovation Inc.'s stock plummeted 5.21% during intraday trading on Tuesday, extending a recent period of selling pressure.

The decline is primarily driven by the company's first-quarter earnings report, which revealed revenue that fell significantly short of market expectations. This disappointing result has triggered a sustained sell-off, with the Q2 earnings per share guidance, which was only in line with consensus estimates, failing to provide any positive catalyst to counter the negative sentiment.

A previously announced strategic capital and business alliance with Japan's Rigaku Holdings has been overshadowed by the earnings miss. The broader semiconductor equipment sector also traded lower during the session, contributing to the downward movement.