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Tuya, Inc. Class A ( (HK:2391) ) has issued an update.
Tuya Inc. announced its preliminary unaudited financial results for 2024, showing a significant revenue increase of 29.8% year-over-year, totaling $298.6 million. The company achieved its first fiscal year of net profitability on a GAAP basis, with net profits of $5.0 million, and a non-GAAP net profit increase of 268.5%. The IoT PaaS segment saw a revenue increase of 29.4%, while the smart solution revenue grew by 58.3%. Tuya’s strategic focus on key accounts and premium customers has contributed to a dollar-based net expansion rate of 122%, indicating strong customer retention and growth.
More about Tuya, Inc. Class A
Tuya Inc. is a leading global provider of artificial intelligence (AI) cloud platform services. The company specializes in Internet of Things (IoT) platform-as-a-service (PaaS) and software-as-a-service (SaaS) solutions, focusing on enhancing smart solutions for various industries.
YTD Price Performance: 113.33%
Average Trading Volume: 120,808
Technical Sentiment Consensus Rating: Sell
Current Market Cap: HK$19.35B
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