The following is a summary of the Tuya Inc. (TUYA) Q2 2024 Earnings Call Transcript:
Financial Performance:
Tuya Inc. reported a Q2 revenue of $73.3 million, a 28.6% year-over-year increase.
Achieved a non-GAAP operational profitability with a solid profit margin of 10% for the first time in its history.
Reported a non-GAAP net profit of $20.8 million, setting a new quarterly record.
Business Progress:
Expanded IoT PaaS business with a 32% year-over-year growth.
Focused on partnerships and technological adaptations in Europe and Latin America to enhance market share.
Continued investment in GenAI to raise the competitiveness and user experience of their product offerings.
Transitioned CFO roles from Jessie Liu to Alex Yang, ensuring continuity in financial strategy while acknowledging Jessie's contributions.
Opportunities:
Leveraging the recovery and potential in Asian markets and robust demand in Latin America, reflecting increased revenue share.
Focused on expanding smart transformation solutions and collaboration with service providers in ISPs collaborations in the energy sector.
Risks:
The slow momentum in household appliance exports in July indicates a minor slowdown; however, seasonality is expected to influence Q3 performance.
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
