Tuya Inc. (NYSE: TUYA), a leading cloud platform service provider, saw its stock plummet by 5.78% in pre-market trading on Tuesday, despite reporting better-than-expected financial results for the third quarter of 2024.
The company's Q3 non-GAAP net income of $0.04 per diluted American depositary share exceeded analysts' expectations of $0.03. Additionally, Tuya's revenue for the quarter grew an impressive 33.6% year-over-year to $81.6 million, surpassing Wall Street's estimates of $75.5 million.
Despite the strong performance, concerns over Tuya's future growth prospects and potential challenges in expanding its cloud platform service offerings appear to have weighed on investor sentiment, leading to the significant sell-off in pre-market trading.
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