Tuya Returns to Profit in H1; Shares Jump 6%

MT Newswires Live08-27

Tuya (HKG:2391) returned to a profit of $3.1 million in the second quarter from a loss of $23.5 million in the year-ago period, according to a Tuesday filing with the Hong Kong Stock Exchange.

The Internet of Things cloud development platform returned to EPS of $0.01 from a loss per share of $0.04 in the previous year. Analysts at Visible Alpha estimated EPS at $0.02.

Revenue grew to $73.3 million from $57 million a year earlier. Visible Alpha analysts forecast revenue at $70 million.

The company declared a special dividend of $0.0589 per share, payable Oct. 9 to shareholders on record as of Sept. 9.

Shares rose 6% during Tuesday's afternoon trading.

Price (HKD): $13.04, Change: $+0.52, Percent Change: +4.15%

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