Tuya reports Q2 EPS 0c vs. (3c) last year

Reports Q2 revenue $57.0M vs. $62.5M last year. IoT PaaS customers for the second quarter 2023 were approximately 2,300. Total customers for the second quarter 2023 were approximately 3,300. The Group’s implementation of its key-account strategy enabled it to be more focused on serving strategic customers. Mr. Xueji Wang, CEO, commented, “Throughout the first half of 2023, against the backdrop of a changing macroeconomic environment, Tuya has consistently demonstrated resilience and adaptability, which can be attributable to our strategic focus on prioritizing highest-value customers. This approach has not only driven our sequential revenue growth but also optimized our operational efficiency. Now, as we observe a global recovery in business activities and an encouraging trend in IoT smart device sales, there’s an indication of a rebound in our sector. With our renewed strategic emphasis on superior customer service, enhancements in software and hardware offerings, and strengthened value propositions for enterprises across the value chain, we are well-positioned to seize these emerging opportunities. We stand ready to embrace the promising future and Tuya’s next growth chapter.”