Shares of Navitas Semiconductor Corp (NVTS) plunged over 5% in pre-market trading on Monday, ahead of the company's scheduled fourth-quarter earnings release before the market open.
The semiconductor company is expected to report a loss of $0.06 per share for the fourth quarter, according to analysts' estimates. This projected earnings miss likely triggered concerns among investors, resulting in the stock's substantial decline.
Navitas Semiconductor's shares had already faced significant selling pressure in recent months, as the broader semiconductor sector grappled with weakening demand and macroeconomic challenges. The anticipated disappointing fourth-quarter results appear to have exacerbated these concerns, leading to the pre-market sell-off.
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