Tuya Inc. (NYSE: TUYA) shares soared 5.04% intraday on Thursday, following the company's impressive fourth-quarter 2024 earnings release and strategic focus on AI integration.
According to the earnings report, Tuya achieved nearly 30% year-over-year revenue growth in 2024, with strong performance across its PaaS, SaaS, and Smart Solutions segments. The company also reported its first annual GAAP net profit and non-GAAP operating profitability, driven by robust demand and efficient operations.
Notably, Tuya announced a strategic partnership with Volcano Engine to enhance AI integration into its Internet of Things (IoT) platform. This move positions Tuya to capitalize on the growing demand for AI-enabled IoT devices and solutions, further strengthening its competitive edge in the market.
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