Tuya Inc., a leading Internet of Things (IoT) cloud development platform, witnessed its stock soar 5% during intraday trading on Wednesday. This surge can be attributed to the company's innovative strides in the smart home technology sector and positive revenue growth forecasts.

According to a report by Simply Wall St, Tuya is expected to experience an impressive 125.2% annual earnings growth as it aims to achieve profitability within the next three years. Furthermore, the company's revenue is projected to grow at a robust 15.8% annually, outpacing the market average.

Tuya's recent product launches, such as the smart door lock compatible with Apple's ecosystem, and collaborations in smart lighting and temperature control solutions, underscore its commitment to advancing seamless integration of smart home technologies globally. These developments have fueled investor optimism, driving the stock's upward momentum.