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Tuya Inc. (NYSE: TUYA; HKEX: 2391) is a global leader in IoT cloud development, dedicated to building an ecosystem that empowers developers to create smart products. Headquartered in Hangzhou, China, Tuya provides a comprehensive suite of services including Platform-as-a-Service (PaaS) and Software-as-a-Service (SaaS) solutions. The company's mission is to enable everything to be smart, transforming consumer electronics, household items, and industrial devices into intelligent products.
Tuya's IoT cloud platform is designed to support brands, OEMs, and retail chains by offering tools for hardware access, cloud services, and app software development. This closed-loop service system spans over 200 countries, including China, the United States, and Europe, serving more than 10,000 clients and millions of consumers. Tuya processes over 20 billion device requests and 6 million AI interactions daily, with accumulated data reaching 1 petabyte.
Recent achievements highlight Tuya's commitment to innovation and sustainability. The company has integrated Google's Device and Structure APIs to enhance its Smart Home sector, offering developers new opportunities while ensuring seamless connectivity and user-friendly experiences. Tuya's Smart App Solution helps developers reduce R&D costs and time by providing an inclusive service platform for app construction.
Financially, Tuya has shown resilience with a significant reduction in net losses and successful treasury strategies that bolster interest income. Partnerships with tech giants like Google, Amazon, and Alibaba, along with recent collaborations with the UN Global Compact, underscore its dedication to sustainable development and corporate social responsibility.
Tuya continues to drive industry change through its annual Global Developer Summit, which gathers experts to discuss GenAI, large language models, and green development. This event showcases Tuya's cutting-edge innovations and collaborations aimed at fostering a smarter, more sustainable world.
Tuya, a leading global cloud platform service provider, has announced its Annual General Meeting (AGM) for shareholders will be held on June 20, 2024, at 3:00 p.m. Hong Kong time in Hangzhou, China. The AGM will consider and vote on Proposed Resolutions outlined in the AGM Notice available on the company's website. Shareholders and ADS holders as of the close of business on May 21, 2024, are eligible to participate in the voting process. Tuya's board supports these resolutions and encourages shareholders to vote in their favor. Additionally, Tuya has filed its annual report on Form 20-F, including audited financial statements for the fiscal year ending December 31, 2023, available on both the company's and the SEC's websites.
Tuya (NYSE: TUYA; HKEX: 2391) reported its Q1 2024 financial results, with total revenue reaching $61.7 million, a 29.9% increase year-over-year. IoT PaaS revenue grew by 35.7% to $45.6 million. The gross margin improved to 47.8%, and the operating margin also saw significant improvement, narrowing the loss from 68.0% to 26.5%. Net loss decreased substantially to $3.5 million, while non-GAAP net profit was $12.3 million. The company generated $14.5 million in net cash from operating activities. Tuya's strategic focus on AI and smart technologies shows promising growth and profitability potential.
Tuya Smart, a global cloud developer service provider, showcased its use of Google's new Device and Structure APIs at Google I/O 2024. These APIs will enable Tuya to offer developers enhanced opportunities in the smart home market through its Smart App Solution. This solution streamline app development, reducing time and costs while supporting billions of devices. The Tuya-enabled App aims to provide seamless integration and management of smart home devices, enhancing user experience with customized scenarios. Tuya’s collaboration with Google underscores its commitment to driving innovation in the smart home sector.
Tuya Inc. will report its first quarter 2024 unaudited financial results on May 20, 2024. The conference call to discuss the results will be held on the same day. Participants can register online to receive access details. The replay will be available until May 27, 2024. A webcast will be accessible on the Company's investor relations website.
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