Shares of Navitas Semiconductor Corp (NVTS) tumbled 15.35% in after-hours trading on Monday following the release of its third-quarter earnings report. The company, which had seen a significant rise in its stock price this year, faced a sharp reversal as investors reacted to the latest financial results.

Navitas reported a quarterly adjusted loss of 5 cents per share for the quarter ended September 30, meeting analysts' expectations. However, this loss was on par with the same quarter last year, showing no improvement in the company's bottom line. Revenue for the quarter fell dramatically by 53.4% to $10.11 million, barely surpassing the $10.01 million expected by analysts.

The semiconductor firm's performance raises concerns about its growth trajectory, especially considering that its shares had risen by 86.4% this quarter and an impressive 277.0% year-to-date before this earnings release. The sharp decline in revenue and the lack of profitability improvement appear to have shaken investor confidence, leading to the significant after-hours sell-off. With Wall Street's median 12-month price target for Navitas at $7.50, substantially below its last closing price, the company may face continued pressure as it works to align its performance with market expectations.