NEW YORK, June 11, 2024 /PRNewswire/ -- Tuya Smart (NYSE: TUYA, HKEX: 2391), a global cloud platform service provider, grandly convened the TUYA Global Developer Summit in Futian, Shenzhen. At the event, Tuya Smart hosted a sub-forum titled, "A novel approach to green, low-carbon and sustainable living". The forum aimed to explore how emerging technologies such as GenAI can help to create a greener, more low-carbon and sustainable living environment. The forum was attended by Weiwei Xie, Vice President and ...

NEW YORK, June 11, 2024 /PRNewswire/ -- Tuya Smart (NYSE: TUYA, HKEX: 2391), a leading global cloud platform service provider, hosted the 2024 TUYA Global Developer Summit in Futian, Shenzhen. To provide global developers with deeper insights into the innovative applications of smart products in the generative AI (GenAI) era, Tuya specially set up an exhibition area and an ecosystem exhibition area at the event. These areas showcased hundreds of the latest and most advanced Tuya-enabled AI hardware, as well ...

NEW YORK, June 11, 2024 /PRNewswire/ -- Tuya Smart (NYSE: TUYA, HKEX: 2391), a global cloud platform service provider, grandly opened the TUYA Global Developer Summit in Futian, Shenzhen. The conference, themed "GenAI + IoT: Driving Smarter Spaces," saw Tuya Smart, collaborate with developers from around the world to deeply explore the innovative applications and best practices of generative AI across various industries.One of the highlights was the sub-forum themed "Navigating industry innovation - the Dev ...

NEW YORK, June 7, 2024 /PRNewswire/ -- On May 29, 2024, Tuya Smart (NYSE: TUYA, HKEX: 2391), a leading global cloud platform service provider, hosted the 2024 TUYA Global Developer Summit in Futian, Shenzhen. The summit featured a collaboration with industry leaders through a series of themed forums. The main forum was structured into two sessions, the first focusing on "GenAI+IoT: Driving Smarter Spaces," which emphasized the integration of emerging technologies like GenAI with smart devices to foster a lo ...

NEW YORK, June 7, 2024 /PRNewswire/ -- On May 29, 2024, Tuya Smart (NYSE: TUYA, HKEX: 2391)，the global cloud platform service provider, hosted the TUYA Global Developer Summit in Futian, Shenzhen. The second half of the summit was centered around the theme of "Embracing Emerging Technologies for Sustainable Growth". Tuya partnered with leading companies in the global technology sector to focus on emerging technology trends worldwide and collaboratively examine how groundbreaking technologies, including gene ...

NEW YORK, June 4, 2024 /PRNewswire/ -- Tuya Smart (NYSE: TUYA, HKEX: 2391), a global cloud platform service provider, hosted the signature 2024 TUYA Global Developer Summit at the Shangri-La Hotel in Futian, Shenzhen. The summit attracted an array of esteemed guests from top domestic and international companies, including Amazon, Lenovo, Haier, Silicon Labs, TÜV SÜD, Alibaba Cloud, Tencent Cloud, Texas Instruments, Google Cloud, Goneo Group, Geely, Enerlution, Cerence, Mentech, Secure Net, BangBang, Sixeco, ...

NEW YORK, May 28, 2024 /PRNewswire/ -- Tuya Smart (NYSE: TUYA, HKEX: 2391), a leading global cloud platform service provider, today announced it has formally joined the United Nations Global Compact (UNGC), pledging to uphold the UNGC's "Ten Principles" on human rights, labor, environment, and anti-corruption.Joining the UNGC marks a significant milestone for Tuya, as the company's longstanding efforts to actively fulfill corporate social responsibility gain global recognition. It also provides a broader pl ...

Tuya Inc (NYSE:TUYA) Q1 2024 Results Conference Call May 20, 2024 8:30 PM ET Company Participants Reg Chai - Investor Relations Director Xueji Wang - Founder, Co-Chairman & CEO Yao Liu - Senior VP, CFO & Director Conference Call Participants Yang Liu - Morgan Stanley Eunice Liu - Goldman Sachs Kai Qian - CICC Operator Good morning and good evening, ladies and gentlemen. Thank you for standing by and welcome to Tuya Inc.'s First Quarter 2024 Earnings Conference Call. My name is Fayde and I will be coordinati ...

SANTA CLARA, Calif., May 21, 2024 /PRNewswire/ -- Tuya Inc. ("Tuya" or the "Company") (NYSE: TUYA; HKEX: 2391), a global leading cloud platform service provider, today announced that it will hold an annual general meeting of the Company's shareholders (the "AGM") at 3:00 p.m. (Hong Kong time) on Thursday, June 20, 2024 at Huace Center, Building A, 3/F VVIP room, Xihu District, Hangzhou City, Zhejiang Province, China, for the purposes of considering and, if thought fit, passing each of the Proposed Resolutio ...

Core Viewpoint - Tuya Inc. reported strong financial results for Q1 2024, with significant year-over-year growth in revenue and improvements in profit margins, driven by the recovery in consumer electronics demand and strategic advancements in their IoT platform services [2][5][6]. Financial Performance - Total revenue for Q1 2024 was US$61.7 million, a 29.9% increase from US$47.5 million in Q1 2023 [2][7]. - IoT platform-as-a-service (PaaS) revenue reached US$45.6 million, up 35.7% from US$33.6 million in the same period last year [2][8]. - Software-as-a-service (SaaS) and others revenue was US$8.6 million, a slight increase of 1.8% year-over-year [2][8]. - Smart solution revenue grew by 37.3% to US$7.5 million from US$5.4 million in Q1 2023 [2][8]. - Overall gross margin improved to 47.8%, up 3.5 percentage points from 44.3% in Q1 2023 [2][10]. Profitability Metrics - Operating margin was negative 26.5%, an improvement of 41.5 percentage points from negative 68.0% in Q1 2023 [2][13]. - Non-GAAP operating margin improved to negative 0.9%, up 30.6 percentage points from negative 31.5% year-over-year [2][13]. - Net loss narrowed by 83.2% to US$3.5 million from US$21.0 million in the same period last year [2][14]. - Non-GAAP net profit was US$12.3 million, compared to a non-GAAP net loss of US$3.7 million in Q1 2023 [2][14]. Customer Metrics - IoT PaaS customers remained stable at approximately 2,000, while total customers increased to approximately 3,000 from 2,800 in Q1 2023 [3]. - Premium IoT PaaS customers increased to 269, contributing approximately 85.1% of IoT PaaS revenue [3]. - The dollar-based net expansion rate (DBNER) for IoT PaaS was 116%, significantly up from 49% in the previous year [3][8]. Cash Flow and Liquidity - Net cash generated from operating activities was US$14.5 million, a turnaround from net cash used of US$18.9 million in Q1 2023 [2][18]. - Total cash and cash equivalents, along with short-term and long-term investments, amounted to US$998.8 million as of March 31, 2024, up from US$984.3 million at the end of 2023 [2][17]. Strategic Outlook - The company aims to leverage technology innovation, particularly generative AI, to enhance its product offerings and customer engagement [6][19]. - Tuya is focused on expanding its customer base, optimizing operational efficiency, and diversifying revenue streams to sustain long-term growth [6][19].