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
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