Navitas falls after wider Q2 loss - NVTS News | RalliesNavitas falls after wider Q2 loss
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NVTS• Shares fall after quarterly results
- Shares of chip firm Navitas Semiconductor NVTS.O slide 5.4% to $10.8 premarket
- Co reports Q2 net loss of $228.22 mln, compared with $49.08 mln a year earlier
- NVTS's wider loss ties to a non-cash charge tied to its 2022 acquisition of GeneSiC
- NVTS was sued by Japanese chipmaker Renesas last week over alleged AI chip trade-secret theft
Revenue declines while stock is still up for the year
- Co posts Q2 revenue of $10.5 mln, compared to $14.5 mln last year
- As of last close, stock has risen 59.8% YTD
