Tuya Reports Better-Than-Expected Q2 Results, Special Cash Dividend, CFO Transition

Author: Erica Kollmann | August 26, 2024 05:52pm

Tuya Inc. (NYSE:TUYA) reported its second-quarter financial results after Monday's closing bell. Here's a look at the key figures from the quarter. 

The Details: Tuya reported quarterly earnings of 4 cents per share, which beat the analyst consensus estimate of 2 cents by 100%.

Quarterly revenue came in at $73.28 million, which beat the analyst consensus estimate and represents a 28.55% increase from the same period last year.

• IoT platform-as-a-service (PaaS) revenue was $54.3 million, up approximately 32.0% year-over-year.
• Software-as-a-service (SaaS) and others revenue was $9.6 million, up approximately 2.4% year-over-year.
• Smart solution revenue was $9.4 million, up approximately 44.2% year-over-year.

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“The second quarter of 2024 marks a significant milestone for our company, as we attained a quarterly non-GAAP operating profit for the first time in our history with an operating margin of about 10%. This achievement demonstrates the effectiveness of our business model and highlights the operational leverage within our business, as well as our commitment to delivering on our promises,” commented Mr. Xueji (Jerry) Wang, CEO of Tuya.

The company announced Yao (Jessie) Liu tendered her resignation as director, chief financial officer and senior vice president, and co-founder Yi (Alex) Yang will take on the additional role of CFO.

Tuya also declared a special cash dividend of $0.0589 per ordinary share to shareholders of record at close of business on Sept. 11.

TUYA Price Action: According to Benzinga Pro, Tuya shares are up 2.26% after-hours at $1.81 after closing up 7.60% during Monday’s regular trading session.

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Photo: Gerd Altmann from Pixabay

Posted In: TUYA