Tuya Inc. (NYSE: TUYA), a Chinese technology firm, attended the event and announced the date of its quarterly report. In June 10 trading, positive market expectations boosted TUYA prices up nearly 8% to $3.12. $1.73 billion was the market capitalization.
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Tuya has confirmed its attendance at the Internet of Things (IoT) LightFair 2022, which will take place from June 19 to 23 in Las Vegas. The firm will demonstrate its smart lighting solutions for homes and offices at this event.
Tuya offers a cutting-edge lighting control system that was built from the bottom up to satisfy the demands of small companies. It allows you to regulate lights and energy use from a single app, saving you money on electricity.
Tuya offers a number of Internet of Things (IoT) solutions for controlling CCTV cameras, lighting, robot vacuum cleaners, kitchen equipment, projectors, TVs, and other household gadgets. Tuya’s solutions are utilized by big firms like Philips and Schneider Electric, as well as a lot of small businesses that employ Tuya’s IoT technologies in their equipment.
Tuya will be able to show off its designs to over 300 worldwide companies at LightFair, resulting in increased sales. The need for smart objects and automation is increasing.
Smart lights that can be controlled with a smartphone are no longer uncommon in homes and flats, and demand from businesses is increasing. Apps and Tuya wireless modules are used to control many low-cost smart gadgets.
Tuya will release a quarterly report after the close of business on June 14, and the company is likely to continue to expand. Tuya’s sales increased by 44.9 percent to $85.6 million in the fourth quarter. In the Tuya ecosystem at the end of last year, there were over 440,000 IoT technology developers, which is 70% higher than in 2020.
TUYA had a -51.52 percent year-to-date performance. The stock’s price has risen 2.02 percent in the last week and 42.25 percent in the last month, according to the 7-day charts.