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Tuya Inc. reported strong financial results for the first quarter of 2024, with total revenue of US$61.7 million, a 29.9% increase from the previous year. The company’s IoT platform-as-a-service revenue saw a 35.7% increase, while software-as-a-service and other revenue increased by 1.8%. Tuya’s overall gross margin also increased to 47.8%, and its operating margin improved by 41.5 percentage points. The company also saw a significant improvement in its net margin and generated positive net cash from operating activities. Tuya has a strong financial position with nearly US$1 billion in cash and investments.
