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Why Tuya Stock Collapsed Today

Chris Neiger, The Motley Fool
·2-min read
Why Tuya Stock Collapsed Today

Shares of Tuya (NYSE: TUYA), an Internet of Things cloud development platform company, plummeted after it reported worse-than-expected second-quarter results for both its top and bottom lines. Tuya reported a diluted net loss per American depositary share (ADS) of $0.10 in the quarter, which was an improvement from the company's loss of $0.15 per share in the year-ago quarter but was worse than Wall Street's average estimate of a loss of $0.09. Tuya's revenue fell by 2.7% to $55.3 million, which was slightly lower than analysts' consensus estimate of $56.2 million.

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