Navitas Semiconductor Corp's stock plummeted 8.77% during intraday trading on Wednesday, extending losses from the pre-market session.

The sharp decline followed the company's release of its first-quarter financial results, which showed revenue of $8.6 million, down from $14 million a year earlier. While the company's adjusted loss per share of $0.04 was better than analyst expectations, the significant year-over-year revenue drop weighed on investor sentiment.

Market concerns were further amplified by persistent worries about demand in the artificial intelligence supply chain. The broader technology sector showed mixed performance, with some semiconductor peers advancing while Navitas faced sustained selling pressure due to these industry-wide demand uncertainties.