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Why Tuya Is Plunging Even Lower Today

Rich Duprey, The Motley Fool
·1-min read
Why Tuya Is Plunging Even Lower Today

Shares of Tuya (NYSE: TUYA) were tumbling 11% in morning trading Thursday after the Internet-of-Things platform reported second-quarter earnings. While revenue outpaced analyst forecasts and net losses were in line, sales guidance of between $83 million and $86 million widely missed consensus expectations of $110 million. Tuya went public in March at $21 per share, above the expected $17 to $20 per share range, but after rising almost 20% on its first day of trading, the stock today is going for less than half its offer price.

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