Navitas Semiconductor Reports Q4 Results, Shares Up 6%

Navitas Semiconductor Corporation (NASDAQ:NVTS) shares surged more than 6% on Friday after the company reported its Q4 results, with EPS of ($0.04) coming in better than the Street estimate of ($0.07). Revenue was $12.35 million, compared to the Street estimate of $13.06 million.

The company issued a slightly lower Q1 guide on the back of continued weakness in China handsets. The company continues to expect its handset-related business to bottom in Q1/23 (a combination of seasonality and macro headwinds), with a mobile rebound expected to begin in Q2/23 and incrementally grow throughout the year. However, more importantly, the company revealed its end market splits and demonstrated how far the business has come in diversifying its growth vectors away from solely mobile/consumer (with a focus on appliance/industrial, solar/storage, and EV).