The operator of Truth Social, Trump Media & Technology Group, reported a significant net loss of $400.9 million for the full year 2024. The company’s shares fell about 1% in extended trading on Friday.
Trump Media’s annual report showed a loss of $2.36 per share and revenue of just $3.6 million, which declined by 12% compared to the previous year. The widening net loss can be attributed to increased merger-related legal fees due to obstruction from former President Biden’s Securities and Exchange Commission.
The company also faced challenges with a change in its revenue-sharing agreement with an advertising partner, resulting in lower sales. Trump Media management has stated that it does not believe in using traditional metrics such as active users or average revenue per user, opting instead for a more strategic approach.
Despite the losses, Trump Media has made progress in expanding its services, including the launch of its Truth+ video streaming service on Android, iOS, and the web. The company now holds $776.8 million in cash and has $9.6 million in debt.
Chairman and CEO Devin Nunes stated that the company will continue to explore opportunities for partnerships, mergers, and acquisitions to drive growth.
Source: https://www.cnbc.com/2025/02/14/trump-media-djt-earnings-report-2024.html