Tuya Inc. (NYSE: TUYA), a global leading cloud platform service provider, saw its stock plummet by 5.2% 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 came in at $0.04 per diluted American depositary share, exceeding 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, Tuya's stock faced a significant sell-off in pre-market trading. Analysts speculate that this could be due to concerns over the company's future growth prospects or potential challenges in expanding its cloud platform service offerings.
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