Shares of Navitas Semiconductor Corp (NVTS) plummeted 15.35% in after-hours trading on Monday following the release of its third-quarter earnings report. The sharp decline comes despite the company meeting analyst expectations, highlighting investors' concerns about the semiconductor firm's financial performance.

Navitas reported a quarterly adjusted loss of 5 cents per share, in line with the consensus estimate of nine analysts. However, the company's revenue saw a significant year-over-year decline of 53.4%, falling to $10.11 million. While this slightly exceeded the Wall Street expectation of $10.01 million, the substantial revenue drop appears to have rattled investors. The semiconductor manufacturer also reported a quarterly loss of $19.23 million, with a reported EPS loss of 9 cents.

The after-hours sell-off is particularly notable given Navitas' strong performance leading up to the earnings release. The stock had risen by 86.4% over the quarter and had gained an impressive 277.0% year-to-date. This surge may have set high expectations that the earnings report failed to meet. Additionally, the average analyst rating on Navitas shares is currently "hold," with a median 12-month price target of $7.50, significantly below the last closing price of $13.46. This discrepancy between the stock's recent performance and analysts' more cautious outlook could be contributing to the post-earnings decline as investors reassess the company's valuation.