According to its first earnings report as a publicly traded company, Trump Media and Technology Group, the parent company of Truth Social, reported a loss of over $300 million in the last quarter. This was a significant decrease from the $210,300 loss reported in the previous year. Despite this, the company generated revenue of $770,500 in the first quarter, mainly from its advertising efforts. This was lower than the $1.1 million earned in the same period the year before.
Trump Media has been making headlines recently with news of its termination of an auditing firm that had been charged with fraud by federal regulators. This delay caused issues with filing its quarterly earnings report. The company has had multiple auditor resignations prior to this incident, with one resigning in July 2023 and another being terminated in March. However, after-hours trading saw a 36-cent rise in the stock price to $48.74 on Nasdaq since its debut in March and reaching almost $80 late March.
Trump Media emphasizes that it is currently focused on long-term product development rather than generating quarterly revenue. Despite this setback, it remains optimistic about its future prospects and continues to innovate within the media and technology industry.
