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Why Navitas Stock Popped Today

TheMotleyFool

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Why Navitas Stock Popped TodayPhoto, wide shot, wide-angle lens, Computer hardware manufacturer, sunset photo at golden hour, photo by Art Wolfe: https://img.midjourneyapi.xyz/temp/8b396c5d-cf01-4937-89c4-91ad2f28f1ee.png

Shares of Navitas Semiconductor Corporation (NASDAQ: NVTS) were soaring on Tuesday after the company reported second-quarter top- and bottom-line results that beat Wall Street's consensus estimates for the quarter. Part of the company's strong performance in the quarter is likely coming from its acquisition of GeneSiC Semiconductor, which Navitas said will be "immediately accretive" it its earnings.

The semiconductor stock was up 31% as of 2:20 p.m. ET.

Navitas reported a non-GAAP loss per share of $0.07 in the second quarter, which was a huge improvement from the loss of $0.28 in the year-ago quarter and better than analysts' consensus estimate of a loss of $0.09 per share.

Source Fool.com

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