The first public quarter of Trump Media and Technology Group, the owner of former President Donald Trump’s social networking site Truth Social, saw a net loss of over $300 million. This was revealed in the company’s earnings report for the three-month period ending on March 31, which showed a loss of $327.6 million, including $311 million in non-cash expenses related to its merger with Digital World Acquisition Corp.
In comparison to the same quarter a year earlier, when Trump Media reported a loss of $210,300, despite the significant loss, the company generated revenue of $770,500. However, this was a decrease from the $1.1 million revenue generated in the same period the previous year.
Trump Media emphasized that at this early stage in its development, the focus remains on long-term product development rather than quarterly revenue. The company recently dismissed its auditor, BF Borgers, who was charged with fraud by federal regulators. This led to a delay in filing the quarterly earnings report as Trump Media had previously cycled through multiple auditors.
Shares of Trump Media rose 36 cents to $48.74 in after-hours trading following the release of its earnings report. The stock had initially peaked at nearly $80 in late March after it began trading in March. Despite this setback, investors remain hopeful that Trump Media will be able to recover and continue to grow as it focuses on developing its products for long-term success.
