Shares of Tuya Inc. (NYSE: TUYA) soared by 5.03% in intraday trading on Wednesday, following the release of the company's impressive third-quarter 2024 financial results and positive outlook.
The Internet of Things (IoT) cloud platform provider reported revenue of $81.6 million for the third quarter, marking a 34% year-over-year increase. Tuya's net loss narrowed to $4.37 million, or $0.008 per share, compared to a loss of $0.009 per share in the same period last year.
Tuya's strong performance was driven by robust growth across its key segments, including a 26.4% year-over-year increase in IoT PaaS revenue and over 100% growth in the smart solutions segment. The company also maintained a healthy 9.1% non-GAAP operating margin and a 24.7% non-GAAP net profit margin, aided by substantial interest income.
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