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. Guidance for the third quarter fell well short of what Wall Street was expecting.
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.
Yet Tuya stock has been falling hard for the past week, with shares down 34% over the past five trading days. 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.
Source Fool.com
