Tuya's shares declined modestly by 0.6% as investors digested a mixed quarter marked by solid top-line growth but ongoing margin pressures and uneven demand recovery across key product categories.
- Total revenue grew 16% year-over-year to $92.9 million, accelerating from 8.3% growth in Q1.
- PaaS revenue increased 16.9% year-over-year to approximately $67.9 million, driven by smart home, robot product segments, and expanded customer adoption.
- Growth in smart home and robot products was strong at 23.2% YoY, supported by smart security and energy-related devices, though traditional lighting and IP camera segments showed slower demand recovery.
- Gross margin stood at 46.3%, affected by semiconductor cost volatility and shifts in business mix; smart home and robot product margins remained relatively low at 21.9%.
- Early signs of consumer acceptance emerged in AI companion products, but wider monetization and margin improvement appear gradual amid ongoing execution challenges.
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