Why Navitas Semiconductor Stock Is Plummeting Today

Navitas Semiconductor (NASDAQ: NVTS) stock is getting crushed in Tuesday's trading. The chip specialist's share price was down 19.4% as of 2:15 p.m. ET and had been off as much as 21.8% earlier in the daily session.

After the market closed yesterday, Navitas published fourth-quarter results that came in below Wall Street's expectations. Making matters worse, tech and artificial intelligence (AI) stocks are seeing substantial sell-offs in response to macroeconomic risks and other negative catalysts.

Navitas posted a loss of $0.21 per share on revenue of $18 million in the fourth quarter, falling short of the consensus Wall Street target's call for a per-share loss of $0.14 on sales of roughly $19 million. Revenue for the period fell 31% year over year, and the company's operating loss expanded to $39 million -- up from a loss of $26.8 million in the prior-year quarter.

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Source Fool.com