Tuya Inc.

Good morning and good evening, ladies and gentlemen. Thank you for staying by and welcome to the TUYA INS First Quarter 2023 Earnings Conference Call. If you'd like to ask a question during the presentation, you may do so by pressing star followed by 1 on your telephone keypad. I'll now turn the call over to the first speaker today, Mr. Ray Chai, Investor Relations Director of TUYA. Please go ahead, sir.

Okay, thank you, everyone. Hello, everyone. Welcome to our First Quarter 2023 Earnings Call. Joining us today are founder and CEO of Tuya, Ms. Jerry Wang, and our CFO, Ms. Jessie Liu. The first quarter 2023 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 well, 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 translations.

Hello, everyone. Thank you for joining the Tuya's Q1 2023 Earnings Conference Call. Our revenue in Q1 of 2023 is about US$47.5 million. The growth rate is about 5% and the downfall is about 14%. The downfall of the downfall is due to the overall consumer demand disorder, which is still in the period of recovery. In the same period last year, the major factors leading to the heat industry, which is relatively more technical, and the fluctuation of the exchange rate caused a 6% downfall. However, from the perspective of the weather, Q1's revenue situation is better than our initial perception. Our revenue in Q1 2023 was approximately $47.5 million, recording a sequential increase of 5% and a 14% decrease compared to the same period last year.