Why Tuya Stock Dropped Today
Shares of Tuya (NYSE: TUYA) were moving lower Thursday after the Chinese Internet of Things (IoT) company posted disappointing fourth-quarter results.
As of 2:14 p.m. ET, the stock was down 14.2%.
Tuya, which offers a cloud platform that helps brands and manufacturers build and launch smart devices, said that its Q4 revenue fell 39.6% to $45.3 million. That was better than the analysts' consensus forecast of $44.6 million. However, investors still seemed to be disappointed with the sharp top-line decline as its core IoT platform-as-a-service business saw revenue fall by 47.4% to $32.6 million.
Source Fool.com
