TUYA - Why Tuya Stock Plummeted on Tuesday
A disappointing earnings report was the catalyst for Tuesday's sell-off of Tuya (NYSE: TUYA) , a China-based company that operates an Internet of Things (IoT) cloud development platform. The company's American depositary shares (ADS) fell by as much as 20% during the session before recovering to end the trading day nearly 10% lower.
In the earnings release published after market hours Monday, Tuya said that for the fourth quarter, it booked revenue of $75 million -- roughly 19% higher on a year-over-year basis. On the other hand, the company's non- GAAP (adjusted) net loss deepened to nearly $49 million ($0.09 per ADS), from the year-ago period's deficit of slightly more than $18 million.
Image source: Getty Images.
For further details see:
Why Tuya Stock Plummeted on Tuesday