TUYA - Why Tuya Is Plunging Even Lower Today
Shares of Tuya (NYSE: TUYA) were tumbling 11% in morning trading Thursday after the Internet-of-Things platform reported second-quarter earnings. Guidance for the third quarter fell well short of what Wall Street was expecting.
While revenue outpaced analyst forecasts and net losses were in line , sales guidance of between $83 million and $86 million widely missed consensus expectations of $110 million.
Yet Tuya stock has been falling hard for the past week, with shares down 34% over the past five trading days. Tuya went public in March at $21 per share, above the expected $17 to $20 per share range, but after rising almost 20% on its first day of trading, the stock today is going for less than half its offer price.
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Why Tuya Is Plunging Even Lower Today