Tuya Inc Stock Price, News & Analysis

Tuya Smart (NYSE: TUYA, HKEX: 2391) announced its collaboration with Amazon Alexa on Frustration-Free Setup (FFS) based on the Matter connectivity protocol. This partnership aims to enhance the IoT device setup experience, allowing direct Wi-Fi connections to Amazon Echo devices. Tuya is also participating in interoperability tests with Amazon, Google, and Apple and plans to launch Matter-compatible devices by the end of 2022. The company is committed to promoting universal open standards in IoT, enhancing user satisfaction through improved connectivity and voice-controlled smart devices.

On July 12, 2022, Tuya Smart (NYSE: TUYA) launched the BornSmart campaign with U.S. partners LaView, G-Home by Gabba Goods, and Lumary to promote smart home products. The campaign, which started on Amazon's Prime Day 2022, aims to showcase the benefits of smart devices across multiple countries, including the U.K., Germany, and Brazil.

The campaign features products like LaView's White Noise Light Y2 and G-Home's smart light bulbs and plugs, emphasizing user-friendly features and energy efficiency. With over 582,000 developers and extensive product categories, Tuya continues to strengthen its IoT ecosystem.

Tuya Smart (NYSE: TUYA) launched the BornSmart campaign on July 12, 2022, to coincide with Amazon Prime Day, promoting smart home products globally across social media. The campaign aims to showcase the advantages of smart devices and enhance consumer awareness of their benefits. It engages brand partners, including Calex and Wipro, in over 10 countries, with influencer collaborations increasing direct consumer interaction. This initiative is expected to drive investment in smart home technology and strengthen brand visibility across key markets.

Tuya Smart (NYSE: TUYA) has been recognized in the 2022 Global IoT Security White Paper for its exemplary cybersecurity practices. The paper highlights Tuya's comprehensive cybersecurity leadership, including its security certifications and the establishment of a dedicated security team. Key innovations noted include Tuya Sage, the first IoT module with a built-in secure element and Common Criteria certificate. Tuya's six independent data centers comply with global security standards, ensuring data protection. The paper also advocates for global cooperation to address IoT security challenges.

On July 7, 2022, UCLOUDLINK GROUP INC. (NASDAQ: UCL) announced a strategic partnership with Tuya Inc. (NYSE: TUYA, HKEX: 2391) to enhance technological cooperation in the Internet of Things (IoT) sector. This collaboration aims to combine UCLOUDLINK's cloud SIM technology and Tuya's smart products, providing improved data connectivity services. CEO Chaohui Chen highlighted the partnership's potential to drive IoT innovation and accelerate the digital transformation process. UCLOUDLINK's solutions will cater to various commercial applications, offering significant growth opportunities in the growing IoT cloud services market.

Tuya Inc. (NYSE: TUYA) has priced its global offering of 7,300,000 Class A ordinary shares at HK$19.30 per share, equivalent to US$2.46 per ADS. The offering includes a Hong Kong public offering and an international offering, with an over-allotment option for 1,095,000 additional shares. Trading on the Hong Kong Stock Exchange is set to begin on July 5, 2022. The company expects to raise HK$70.0 million in net proceeds, aimed at enhancing IoT technology, product offerings, and strategic partnerships.

Tuya Smart (NYSE: TUYA) showcased innovative smart lighting solutions at LightFair 2022 in Las Vegas, running from June 19-23. Under the theme 'Light Up the Unlimited Future,' Tuya presented its new Small and Midsize Business and Residential Lighting Control Systems, which streamline control via a single app. These systems facilitate easy installations and ongoing updates. Highlights included the Geographic Biorhythm Lighting, enhancing wellness, and the Smart TV Backlights for immersive experiences. Tuya's strong partnerships with Fortune 500 companies position it as a trusted player in the smart lighting industry.

Tuya Inc. (NYSE: TUYA), a leading IoT cloud development platform, launched a global offering of 7,300,000 Class A ordinary shares on June 22, 2022. This includes a Hong Kong public offering of 730,000 shares and an international offering of 6,570,000 shares. The Hong Kong Offering Price is set at a maximum of HK$22.80 (US$2.90 per share). The company intends to utilize the proceeds to enhance IoT technologies, improve product offerings, and pursue strategic partnerships. The offering is subject to market conditions, and no assurance can be given on its completion.

Tuya Inc. (NYSE: TUYA) reported its Q1 2022 financial results, highlighting total revenue of US$55.3 million, a decline of 2.7% year over year. IoT PaaS revenue dropped 16.1% to US$41.8 million, while SaaS and other revenue surged 146.7% to US$5.8 million. Operating margin worsened to negative 100.3%, with a net loss of US$55 million. Despite these challenges, Tuya maintained a stable gross margin at 41.2% and continues to focus on improving operational efficiency. The company anticipates Q2 2022 revenue between US$60 million and US$65 million.