Tuya Inc Stock Price, News & Analysis

Tuya Inc. (NYSE: TUYA) has launched a share repurchase program, allowing the company to buy back up to US$50 million of its Class A ordinary shares, commencing November 9, 2022. The program reflects the Board's confidence in the company's fundamentals and long-term prospects. Repurchases will be funded from existing cash and conducted through open market transactions, adhering to SEC rules. This initiative aims to enhance shareholder value by signaling strong cash positions while continuing investments in technology and business development.

Tuya Inc. reported a challenging third quarter of 2022 with total revenue of US$45.0 million, a decline of 47.4% year-over-year. IoT platform-as-a-service (PaaS) revenue dropped 57.4% to US$30.9 million, while software-as-a-service (SaaS) revenue increased 60.2% to US$8.9 million. The company's gross margin improved to 43.6%, but the operating margin fell to -89.8%. Net cash used in operating activities decreased by 70.6% year-over-year, indicating improved cash flow management. Despite challenges, Tuya aims to enhance product offerings and maintain long-term growth prospects.

On November 3, 2022, Tuya Smart (NYSE: TUYA) participated in the Matter's Global Media Conference in Amsterdam, showcasing solutions supporting the Matter standard. Tuya was one of the first companies to receive Matter Product Certification for its smart Wi-Fi devices. With a developer community of over 629,000 across 200 countries, Tuya aims to enhance interoperability in smart living. They provide comprehensive solutions, including security and integration with major ecosystems like Amazon and Google. Looking ahead, Tuya plans to expand its product categories supporting Matter.

Tuya Inc. (NYSE: TUYA) announced it received a non-compliance letter from the NYSE regarding its American Depositary Shares (ADS) due to an average trading price below US$1.00 over the past 30 trading days. Tuya has a six-month period to rectify this issue and bring the share price above the compliance standard. If unsuccessful, the NYSE may proceed with suspension and delisting. Meanwhile, Tuya's shares continue to trade on both the NYSE and HKEX (stock code 2391). The company is evaluating its options to address this non-compliance.

On November 1, 2022, Tuya Inc. announced the successful adoption of all proposed resolutions during its annual general meeting held in Hangzhou, China. Key approvals include amendments to the Company's memorandum and articles of association, and new mandates allowing the repurchase of shares and issuance of additional Class A ordinary shares. Executive directors Mr. YANG Yi and Ms. LIU Yao were re-elected, alongside independent non-executive director Mr. YIP Pak Tung Jason. The updates are vital for enhancing Tuya's operational flexibility and governance.

Tuya Inc. (NYSE: TUYA) will release its Q3 2022 financial results on November 9, 2022, after market close. The management team will host a conference call at 7:30 PM ET the same day to discuss the results. Participants must register online to receive access details. A replay will be available until November 16, 2022, with additional access options provided. Tuya, a leading IoT cloud development platform, aims to create a smart ecosystem for developers and businesses.

Tuya Smart (NYSE: TUYA) has joined the Amazon Web Services (AWS) Independent Software Vendor (ISV) Accelerate Program, enhancing its capacity to serve global customers. This program allows Tuya to collaborate with AWS field sellers, driving new business opportunities and improving customer outcomes. With over 629,000 developers across 200 countries, Tuya’s ecosystem supports more than 2,200 categories. The company, which achieved AWS ISV IoT Competency in 2019, aims to deliver quality IoT solutions while ensuring rigorous standards of architecture and security.

On October 4, 2022, the Connectivity Standards Alliance announced the launch of the Matter 1.0 specification, enhancing smart home interoperability. Tuya Smart (NYSE: TUYA) is a key participant, offering solutions that accelerate the development of Matter devices. Their offerings include various hubs for connecting both Matter and non-Matter devices, enabling seamless smart home scenes. With over 629,000 developers in its ecosystem, Tuya aims to drive the adoption of Matter globally, supporting a wide range of smart home products while promoting an open and connected ecosystem.

Tuya Inc. (NYSE: TUYA) announced its annual general meeting (AGM) on November 1, 2022, at 11:00 a.m. Beijing time in Hangzhou, China. Shareholders will consider and vote on proposed resolutions outlined in the AGM Notice, available on the company's website. Class A and Class B meetings will also occur on the same date. Record holders as of September 30, 2022, are entitled to vote. Additionally, Tuya filed its annual report on Form 20-F with the SEC for the fiscal year ended December 31, 2021.