TUYA - Tuya slumps after reporting fall in Q1 revenue citing high inflationary pressures

U.S.-listed shares of Tuya (NYSE:TUYA) have lost ~21% to $2.33 in Wednesday morning trading, a day after the software company reported a fall in Q1 2022 revenue citing the impact of high inflation in the quarter. Tuya after hours on Tuesday reported Q1 non-GAAP EPS of -$0.07 and revenue of $55.3M, which missed estimates by $0.9M. The company also guided Q2 revenue to be between $60M-$65M. Tuya offers a cloud platform that connects a range of devices through the Internet of Things ((IoT)). Tuya's fall in quarterly revenue was mainly due to a decrease in its IoT PaaS (platform as a service) revenue, which fell to $41.8M from $49.8M last year.  The fall in IoT PaaS revenue was "because the company's customers became more prudent in their purchases in light of the global inflationary environment, which is weakening the purchase power of end users," Tuya said in its quarterly report. The IoT PaaS

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Tuya slumps after reporting fall in Q1 revenue, citing high inflationary pressures