Tuya Inc ADR (TUYA) said after close Wednesday that it broke even in quarter two 2023. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.
On the revenue line, the company reported $57 million, beating estimates by $4.6 million.
In the same quarter a year ago, the company lost $0.03 per share on revenue of $62.5 million.
The stock is up 3.95% to $1.58 after the report.
The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.
The average recommendation from Wall Street analysts was a Hold which may get revised based on this new data.
Trading in the five days leading up to the report earned Tuya Inc ADR a Bearish Sentiment Rank from InvestorsObserver.
Prior to the report, InvestorsObserver gave the stock an overall score of 50. Meanwhile, the average Wall Street analyst rated the stock a Hold.
Tuya Inc is a global IoT development platform that builds interconnectivity standards to bridge the intelligent needs of brands, OEMs, developers, and retail chains across a broad range of smart devices and industries. Based on the global public cloud, Tuya connects different intelligent scenarios and smart devices by providing hardware development tools, integrating public cloud services, and offering an intelligent business development platform. The company provides comprehensive smart empowerment from technology to marketing to foster a neutral, open and accessible developer ecosystem.
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Tuya Inc ADR Up 3.95% To $1.58 After Earnings Beat
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