Tuya Inc shares rose 6.48% in after-hours on Friday, October 29, 2021, and closed the daily trading at $6.90. However, in the regular trading session, TUYA’s stock lost 11.11%. TUYA shares have moved down 14.29% in the past week. Over the past three months, the stock has lost 69.32%, while over the past six months, it has declined 67.36%. The company has a current market of $4.13 billion and its outstanding shares stood at 560.94 million.
Let’s discuss its recent news and developments.
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TUYA partnership with Erajaya Active Lifestyle
On October 25, 2021, Tuya Smart announced a strategic partnership with Erajaya Active Lifestyle (EAL). Tuya has empowered a portfolio of exciting smart home products under the Immersive Tech brand which is the brainchild of EAL’s synergistic collaboration and brings premium smart home experience at an affordable price to the Indonesian market.
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TUYA MCU chipset replacement plan
On September 21, 2021, Jessie Liu, Board Director and CFO of Tuya Smart talked about the company’s MCU chipset replacement plan. The company is going to replace the MCU chipset in all nine major product categories to overcome the global shortage of semiconductors.
TUYA collaboration with CLEANLIFE
On September 2, 2021, Tuya Smart and CLEANLIFE® announced a new partnership to work together with a mission of creating a more productive, comfortable, and connected lighting experience for both consumers and businesses.
TUYA Share repurchase program
On August 30, 2021, the board of directors of Tuya Inc approved a share repurchase program under which the Company may repurchase up to $200 million of its Class A ordinary shares in the form of American depositary shares for twelve months.
TUYA recent financial results announcement
On August 18, 2021, Tuya Inc announced its unaudited financial results for the second quarter of 2021.
Q2 2021 financial highlights
- TUYA reported total revenue of $84.7 million in Q2 2021 compared to $38.8 million in the same period of 2020.
- In Q2 2021, the cost of revenue was $49.0 million compared to $27.1 million in the same period of 2020.
- Total gross profit in the second quarter of 2021 was $35.7 million compared to $11.7 million in Q2 2020.
- Total operating expenses were $77.2 million in the second quarter of 2021 compared to $27.3 million in the same period of 2020.
- It suffered a net loss of $38.1 million in the second quarter of 2021, compared to $14.7 million in Q2 2020.
- Non-GAAP basic and diluted net loss per ADS was $0.04in the second quarter of 2021, compared to $0.06 in the same period of 2020.
- As of June 30, 2021, the company had cash and cash equivalents, and short-term investments of $1,256.1 million compared to US$179.8 million as of December 31, 2020.
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Conclusion
Well, as of this writing, there is no recent news or developments which could be linked with its mixed performance on Friday. we are not sure how it will commence trading on Monday.