- Tuya Inc TUYA reported second-quarter FY21 revenue growth of 118% year-on-year to $84.7 million, beating the analyst consensus of $78 million.
- Growing digitization aided Pegasystems' PEGA Q2 revenue of $325.7 million, up 43% Y/Y beat the analyst consensus of $273.1 million.
- Segments: Tuya's IoT PaaS revenue increased 163.9% Y/Y to $76.9 million, primarily driven by growth in SKUs and product categories supported by IoT PaaS, increased sales to existing customers as their smart device sales grew, and new customer acquisition.
- SaaS and other revenue grew 171.4% Y/Y to $3.4 million.
- Smart device distribution revenue decreased by 48.1% Y/Y to $4.4 million.
- Margins: The gross margin expanded 1,190 bps to 42.2%. The gross margin of IoT PaaS increased 970 bps to 42.4%.
- The non-GAAP operating margin loss improved 440 bps to (31.3%).
- Drivers: Out of the total 3,700 customers, IoT PaaS accounted for 2,600.
- Non-GAAP loss per ADS of $(0.04) was at par with the analyst consensus.
- Tuya held $1.3 billion in cash and equivalents. It generated $5.8 million in operating cash flow in Q2.
- Outlook: Tuya sees Q3 revenue of $83 million - $86 million below the analyst consensus of $93.3 million.
- Price Action: TUYA shares traded higher by 1.00% at $15.15 in the premarket session on the last check Wednesday.
- Editor's note: Q3 analyst consensus has been updated to correct the old consensus.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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