TUYA-W, the Hong Kong-listed company, saw its stock soar by 7.60% on Tuesday. The rally was fueled by two key developments reported on the same day:
Firstly, Tuya announced that its net loss attributable to the company narrowed to $4.4 million in the third quarter, an improvement from the $4.9 million loss recorded in the same period last year. Despite the ongoing loss, the narrowing deficit was perceived as a positive sign by investors, indicating progress in Tuya's financial performance.
Additionally, the company appointed Zhang Yan as an executive director, signaling a strategic move in its leadership structure. The appointment of a new executive could potentially bring fresh perspectives and contribute to Tuya's future growth strategies, further boosting investor confidence.
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