Shares of Tuya Inc. (TUYA) plunged 5.26% in pre-market trading on Thursday, following a volatile week for the technology sector.
The stock movement could be related to concerns over Tuya's recent quarterly performance. According to a report, the company reported a 33% increase in quarterly sales to $81.62 million, but saw its net loss only slightly reduced from $4.91 million to $4.37 million year-over-year.
While Tuya has made strategic moves to expand its operations, such as the expansion of its European headquarters and partnerships for smart city projects, the company's ongoing losses and challenges in achieving profitability may be weighing on investor sentiment.
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