Trump Media and Technology Group, the owner of social networking site Truth Social, announced a loss of over $300 million in the last quarter in its first earnings report as a publicly traded company. Despite this, the company generated $770,500 in revenue in the first quarter, mainly from advertising initiatives.
A year earlier, Trump Media had reported a much smaller loss of $210,300. The company’s focus at this early stage is on long-term product development rather than immediate revenue results. However, Trump Media has faced significant challenges in recent months. Earlier in the month, the company dismissed its auditor due to federal fraud charges. This further delayed the filing of the quarterly earnings report.
Despite these difficulties and losing two auditors before terminating BF Borgers in May, shares of Trump Media rose by 36 cents to $48.74 in after-hours trading following the earnings report release. The stock had reached close to $80 in late March after its initial public offering on Nasdaq.
