2391.HK TUYA.US

IoT cloud-based platform Tuya Inc. (TUYA.US; 2391.HK) said on Monday its revenue rose 33.6% year-over-year in the third quarter to $81.6 million, crediting growth in its IoT PaaS and smart solutions. It reported a net loss of $4.4 million for the period, narrowing from a $4.9 million loss a year earlier.

Tuya’s IoT PaaS revenue reached $57.9 million during the three-month period, up 26.4% increase year-over-year. Revenue from its smart solutions totaled $13.8 million, up 102.9%. The company’s overall gross margin fell to 46.0% in the third quarter from 46.7% a year earlier. Its IoT PaaS gross margin rose to 46.9%, up from 44.6% a year ago.

Tuya also announced it entered into a strategic investment agreement with 65 Equity Partners, an investment platform backed by Temasek. Under the agreement, 65 Equity will invest $100 million to acquire a 13% stake in Tuya.

Tuya’s stock rose 7.4% to $1.73 in New York on Monday after the release of the earnings announcement and strategic investment.

By Lee Shih Ta

To subscribe to Bamboo Works free weekly newsletter, click here

Recent Articles

Agora makes real time engagement technology

AI powers Agora back to revenue growth

The maker of real-time engagement technology is benefitting from new demand for products like real-time online virtual tutors and talking toys Key Takeaways: Agora reported a slight revenue increase in…