Navitas Semiconductor Shares Surge 26% on Better Than Expected Q2 Results
<p><a href='https://financialmodelingprep.com/financial-summary/NVTS'>Navitas Semiconductor Corporation (NASDAQ:NVTS)</a> shares surged nearly 26% on Tuesday following the company’s reported Q2 results, with EPS of ($0.07) coming in better than the Street estimate of ($0.09). Revenue was $8.6 million, beating the Street estimate of $8.5 million.</p>
<p>According to Deutsche Bank analysts, the strong quarter was a result of new designs win in the Home Appliance market allowing the company to offset the well-known weakness in the China handset market. Unfortunately, even this solid diversification wasn’t enough to allow the company’s core business to avoid the handset pain, as Q3 GaN revenues appear likely to drop around 20% quarter-over-quarter due to weak demand and inventory reductions.</p>
<p>Looking beyond the core GaN business, the company announced the acquisition of GeneSiC Semiconductor, a privately owned fabless provider of SiC discretes, a deal the analysts view favorably as it strategically expands the company’s business exposure, patent and product portfolio, and most importantly accelerates revenue growth in its expansion markets (Enterprise, Solar & EV) while financially adding significant scale and being immediately accretive. </p>

NASDAQ:NVTS