Tuya Dives 21% On Weaker Q1

(RTTNews) - Chinese tech company Tuya Inc. (TUYA) saw its stock 20% on the Wednesday trading session after the company announced a weaker first quarter than the previous year.

The net loss increased to $55.0 million up from $40.5 million in the same period of 2021. On adjusted measures, the loss was $37.3 million in the first quarter of 2022, compared to $23.8 million last year. The company also bought back 4.9 million shares during the quarter.

The stock is currently trading at $2.34, down $0.51 or 17.25% lower than the previous close at $2.96. The stock opened at $2.79 in the morning. In the 52-week period, the shares have ranged between $1.75 and $25.75 per share.