Tuya Inc.
Q2 2022 Earnings Call
Aug 29, 2022, 8:00 p.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good morning, and good evening, ladies and gentlemen. Thank you for standing by, and welcome to Tuya Inc. second quarter 2022 earnings conference call. [Operator instructions] I will now turn the call over to the first speaker today, Mr.
Reg Chai, capital market associate director of Tuya. Please go ahead, sir.
Reg Chai -- Associate Director, Investor Relations
OK. Thank you. Hello, everyone. Welcome to our second quarter 2022 earnings call.
Joining us today are founder and CEO of Tuya, Mr. Jerry Wang; and our CFO, Ms. Jessie Liu. The Second quarter 2022 financial results and webcast of this conference call are available at ir.tuya.com.
A replay of this call will also be available on our website in a few hours. Before we continue, I refer you to our safe harbor statement in our earnings press release, which applies to this call as we will make forward-looking statements. With that, I will now turn the call to our founder and CEO, Mr. Jerry Wang.
Jerry will deliver his remarks in Chinese which will be followed by corresponding English translation. [Foreign language]
Jerry Wang -- Founder and Chief Executive Officer
Hello, everyone, and thank you for joining us on our second quarter 2022 earnings call. This is also our first earnings call after our dual-primary listing in Hong Kong. In the second quarter, our total revenue was $62.5 million, in line with the midpoint of our previous guidance range. Sequentially, we grew our total revenue by 13.1%.
However, on a year-over-year basis, we recorded a 26.1% revenue decline as we lapped a period of robust growth across the IoT industry in 2021. In particular, our IoT PaaS business revenue increased to $47.6 million, up 13.9% sequentially but down significantly year over year. During the second quarter, global inflation continued to rise while the Russian, Ukrainian conflict regional triggering the tsunami dramatically impacted the world economy. Although the latest CPI from the U.S.
came in at 8.5% in July, lower than June and better than expected. The number itself was still high. High inflation impacts the economy, the industrial value chain, and consumers' wallets, changing people's lifestyles and consumption habits. These changes have a long-term impact on the consumer discretionary sector.