Tuya Inc.
Q1 2022 Earnings Call
Jun 14, 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 Tuya Inc. first quarter 2022 earnings conference call. At this time, all participants are in listen-only mode.
We will be hosting a question-and-answer session after management's prepared remarks. I'll 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
Thank you. Hello, everyone. Welcome to our first quarter 2022 earnings call. Joining us today are founder and the CEO of Tuya, Mr.
Jerry Wang; and our CFO, Mr. Jessie Liu. This fourth quarter 2022 financial results and the webcast of the 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 be followed by corresponding English transition.
Jerry Wang -- Founder and Chief Executive Officer
[Foreign language]
Unknown speaker
Hello, everyone. First, I would like to report our first quarter performance in 2022.
Jerry Wang -- Founder and Chief Executive Officer
[Foreign language]
Unknown speaker
Our revenue reached $55.3 million in the first quarter, exceeding the high end of our previous guidance range. Revenue represented a year-over-year decrease of 2.7% compared to the first quarter of 2021, where we saw rapid growth across the industry. Our IoT PaaS business revenue decreased year over year to $41.8 million in the first quarter. [inaudible] consumer discretionary spending was adversely impacted by high inflation and the Russian-Ukrainian conflict that started in the first quarter further exacerbated global inflation.
In this environment, we observed that IoT brands have become more conservative. On the other hand, our 2B-based SaaS and other segments maintained a strong growth momentum for the fifth consecutive quarter with revenue reaching $5.8 million, representing the year-over-year increase of 146.7%. This performance was driven by our consistent effort to offer target solutions to address the critical issues of our enterprise customers by leveraging our strong product functions and the Tuya device ecosystem. In addition, since our smart private cloud product, Cube solution was launched in the last November and officially released in early this year.