Trump Media and Technology Group, a publicly traded company, has reported a loss of over $300 million in their first earnings report. This is a significant increase from the loss of $210,300 they reported in the same period a year earlier. The company generated $770,500 in revenue during the first quarter, primarily from advertising efforts. However, this is a decrease from $1.1 million in revenue they generated in the previous year. Despite these financial challenges, shares of Trump Media rose in after-hours trading to $48.74 with the stock symbol “DJT” on Nasdaq, reaching nearly $80 in late March.
Trump Media recently fired their auditor, BF Borgers, after facing charges of fraud by federal regulators. This led to a delay in filing their quarterly earnings report. In recent events, Trump Media had previously changed auditors at least twice before this latest incident. Despite these challenges, the company emphasized their focus on long-term product development over short-term revenue goals.
The loss of $327.6 million for the three-month period ending March 31 included $311 million in non-cash expenses related to its merger with Digital World Acquisition Corp., an SPAC (Special Purpose Acquisition Company). This marked a significant increase from their loss of $210,300 during the same period last year. However, despite this financial setback, shares of Trump Media rose in after-hours trading to $48.74 with the stock symbol “DJT” on Nasdaq and reached nearly $80 in late March.
