Navitas Guides Q3 Revenue to $13M-$14M, Up 28% Sequentially
NVTS has more than doubled off its 52-week low of $5.44.
Summary
Navitas Semiconductor guided Q3 revenue to $13M-$14M, a 28% sequential jump from Q2's $10.5M. This follows the Q2 earnings release earlier today, which showed 22% sequential growth. The acceleration suggests demand is picking up, though the company is still operating at a fraction of its year-ago revenue. The guidance comes amid a backdrop of heavy insider selling and a patent lawsuit from Wolfspeed, but the revenue trajectory is the freshest signal for traders.
At the time of this announcement, NVTS was trading at $11.55 on NASDAQ in the Technology sector, with a market capitalization of approximately $2.7B. The 52-week trading range was $5.44 to $34.17. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.