24/7 Market News Snapshot 26 August, 2024 – Tuya Inc. American Depositary Shares, each representing one Class A Ordinary Share (NYSE:TUYA)

August 26, 2024

DENVER, Colo., 26 August, 2024 (247marketnews.com) – (NYSE:TUYA) are discussed in this article.
Tuya Inc. continues to demonstrate notable strength in its market performance, culminating in today’s stock opening at $1.69, reflecting a robust bullish trend with a substantial increase of 12.20%. Currently trading at $1.84 with a significant trading volume of 1.54 million shares, this surge indicates heightened investor confidence, potentially driven by favorable market conditions and recent positive developments related to the company’s innovative offerings. Key technical levels to monitor include resistance at $1.90 and support around $1.70, with moving averages and the Relative Strength Index providing further insights into potential price movements.

In addition to its strong stock performance, Tuya has reported impressive unaudited financial results for the second quarter ending June 30, 2024. The company achieved total revenues of $73.3 million, reflecting a remarkable year-over-year increase of 28.6%. This growth was propelled by a notable 32% rise in IoT platform revenues, totaling $54.3 million, underlining the sustained demand for Tuya’s IoT Platform-as-a-Service (PaaS) solutions.

A significant highlight for the company was the achievement of its first-ever positive quarterly non-GAAP operating margin of 10%, signaling a pivotal advancement towards operational profitability, alongside a net profit of $3.1 million compared to a loss of $23.5 million in the same quarter of the previous year. Additionally, operating cash flow saw an increase to $11.8 million from $7.5 million, indicating enhanced operational efficiency.

Tuya also experienced a 44.2% growth in smart solution revenues, reaching $9.4 million, reflective of increasing consumer demand for integrated smart technology. With over 1.19 million registered IoT device and software developers as of June 30, 2024, Tuya is solidifying its presence in the smart technology sector.

In recognition of this robust financial performance, the Board of Directors has announced a special cash dividend of $0.0589 per ordinary share, totaling approximately $33 million, reaffirming its commitment to delivering value to shareholders while positioning for future growth. Looking ahead, Tuya remains focused on leveraging technological advancements to foster long-term growth and strengthen customer relationships.

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