Tuya Inc. (NYSE:TUYA) Q2 2024 Results Conference Call August 26, 2024 8:30 PM ET
Company Participants
Reg Chai - Investor Relations Director
Xueji Wang - Founder, Co-Chairman & CEO
Yao Liu - Senior VP, CFO & Director
Alex Yang - Co-founder, COO & Director
Conference Call Participants
Yang Liu - Morgan Stanley
Timothy Zhao - Goldman Sachs
Operator
Good day, and thank you for standing by. Welcome to the Tuya Inc. Second Quarter 2024 Earnings Conference Call. [Operator Instructions]. Please be advised, today's conference is being recorded.
I would now like to turn the call over to your first speaker for today, Mr. Reg Chai, Investor Relations Director of Tuya. Please go ahead, sir.
Reg Chai
Okay, thank you. Hello, everyone. Welcome to our second quarter 2024 earnings call. Joining us today are Founder and CEO of Tuya, Ms. Jerry Wang, our current CFO, Ms. Jessie Liu, and our Co-Founder and incoming CFO, Alex Yang. The second quarter 2024 financial results and webcasts of this conference call are available at ir.tuya.com. A replay of this call will also be available on our IR 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, Ms. Jerry Wang. Jerry will deliver his remarks in Chinese, which will be followed by a corresponding English translation.
Xueji Wang
Hello, everyone. Thank you for joining Tuya's 2024 Second Quarter Earnings Conference Call. The second quarter of 2024 was another milestone for Tuya, with our revenue continuing to meet expectations and achieving a robust year-over-year growth of approximately 29%. Our [indiscernible] segments maintained its strong gross margins, further reflecting our value proposition and the product advantages. Moreover, we achieved our first quarterly non-GAAP operational profit in the company's history, with an operational profit margin of around 10%. This is an extremely encouraging profit level that not only validates the financial viability of Tuya's business model, but also highlights our strong operational leverage and our valuable commitment to fulfilling our promises. With this, we have sequentially accomplished our short-term operational targets, and moving forward we will continue to focus on long-term revenue growth and enhancing profit margins.
Today, on the occasion of this milestone, I primarily want to discuss with everyone several major stats concerning the company's fundamentals and long-term development. Firstly, as the leading global cloud platform service provider, Tuya is at the new starting point in the smart technology and industrial landscape. This new beginning includes a better competitive environment and the [indiscernible] of the smart consumer electronics and business scenarios.