The following is a summary of the Tuya Inc. (TUYA) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Tuya Inc. reported a Q2 revenue of $73.3 million, a 28.6% year-over-year increase.

• Achieved a non-GAAP operational profitability with a solid profit margin of 10% for the first time in its history.

• Reported a non-GAAP net profit of $20.8 million, setting a new quarterly record.

Business Progress:

• Expanded IoT PaaS business with a 32% year-over-year growth.

• Focused on partnerships and technological adaptations in Europe and Latin America to enhance market share.

• Continued investment in GenAI to raise the competitiveness and user experience of their product offerings.

• Transitioned CFO roles from Jessie Liu to Alex Yang, ensuring continuity in financial strategy while acknowledging Jessie's contributions.

Opportunities:

• Leveraging the recovery and potential in Asian markets and robust demand in Latin America, reflecting increased revenue share.

• Focused on expanding smart transformation solutions and collaboration with service providers in ISPs collaborations in the energy sector.

Risks:

• The slow momentum in household appliance exports in July indicates a minor slowdown; however, seasonality is expected to influence Q3 performance.

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