FormFactor's stock experienced a sharp intraday decline, plummeting 6.73% during Monday's trading session.

The decline is attributed to continued profit-taking by investors following the company's strong first-quarter financial results. FormFactor reported Q1 revenue of $230 million with a gross margin of 49.0%, which exceeded guidance, and raised its second-quarter outlook, particularly for CPO-related revenue. The stock had rallied significantly after these results were released, leading to the current pullback as traders lock in gains.

Adding to the downward pressure was a broad selloff in the semiconductor equipment sector, with major industry peers like Applied Materials, KLA-Tencor, ASML, and Lam Research also trading lower during the session.