Navitas (NVTS) Falls 14.6% as Earnings Disappoint

We recently published 10 Stocks Lead Wall Street Downward Spiral. Navitas Semiconductor Corp. (NASDAQ:NVTS) is one of the worst-performing stocks on Tuesday.

Navitas fell for a second day on Tuesday, shedding 14.61 percent to close at $10.46 apiece after a dismal earnings performance in the third quarter of the year.

In a statement, Navitas Semiconductor Corp. (NASDAQ:NVTS) said it widened its net loss by 2.7 percent to $19.2 million from $18.7 million in the same period last year, on the back of lower revenues.

Total revenues declined by 53 percent to $10 million from $21.68 million year-on-year.

For the fourth quarter of the year, Navitas Semiconductor Corp. (NASDAQ:NVTS) said it expects net revenues to settle at $7 million, plus or minus $250,000 due the company’s strategic decision to deprioritize low power, lower profit China mobile and consumer business, as well as streamline distribution network and reduce channel inventory to pivot to higher power revenue and customers.

“We are executing a strategic pivot from consumer and mobile markets to these fast-growing, more profitable, more sustainable higher-power segments. Our rapid and decisive actions around resource reallocation, product roadmap, and go-to-market changes are designed to deliver better results, enhance the scale and quality of our business and create long-term value for our customers, employees, and stockholders,” said Navitas Semiconductor Corp. (NASDAQ:NVTS) President and CEO Chris Allexandre said.

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Disclosure: None. This article is originally published at Insider Monkey.