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Why Tuya Stock Collapsed Today

TheMotleyFool

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Why Tuya Stock Collapsed TodayPhoto, wide shot, wide-angle lens, Artificial intelligence developer, sunset photo at golden hour, photo by Art Wolfe: https://img.theapi.app/temp/12e2798a-1095-4653-8f49-2a7aee633b4e.png

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.

The tech stock was down by 17.9% as of 12:57 p.m. ET.

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.

Source Fool.com

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