Shares of Tuya (NYSE: TUYA), an Internet of Things cloud development platform company, plummeted after it reported worse-than-expected second-quarter results for both its top and bottom lines.
The tech stock was down by 17.9% as of 12:57 p.m. ET.
Tuya reported a diluted net loss per American depositary share (ADS) of $0.10 in the quarter, which was an improvement from the company's loss of $0.15 per share in the year-ago quarter but was worse than Wall Street's average estimate of a loss of $0.09.
Source Fool.com