Trump Media gains post-election, even as Truth Social parent reports $19 million quarterly loss

Date:

Share post:


NEW YORK — The parent company of Donald Trump’s social networking site Truth Social lost $19.2 million in the last quarter, according to an earnings report released on the same day he won back the presidency.

Trump Media and Technology Group reported late Tuesday that much of that loss stemmed from more than $12 million in legal fees, along with a decline in revenue, according to the surprise Election Day earnings report. Its stock price surged Wednesday but that was more likely due to Trump’s defeat of Vice President Kamala Harris to retake the presidency than on its profit prospects.

Trump created the company after he was banned from Twitter and Facebook following the Jan. 6, 2021, Capitol riot.

Revenue for the three-month period that ended on September 30 was just over $1 million, down nearly 6% from a year earlier. Trump Media, based in Sarasota, Florida, has lost more than $363 million so far this year.

Trump Media said some of its costs related to the launch of its new TV streaming service called Truth+.

CEO and former Republican U.S. Rep. Devin Nunes said in a statement the company “continues to explore additional possibilities for growth” such as mergers with other companies that “would benefit from Trump Media technology and branding.”

The company said in a regulatory finding that its success depends in part on “the reputation and popularity of President Donald J. Trump.”



Source link

Lisa Holden
Lisa Holden
Lisa Holden is a news writer for LinkDaddy News. She writes health, sport, tech, and more. Some of her favorite topics include the latest trends in fitness and wellness, the best ways to use technology to improve your life, and the latest developments in medical research.

Recent posts

Related articles

Slightly more Americans apply for unemployment last week; layoffs remain low

The number of Americans applying for jobless aid ticked up last week but layoffs remain at historically...

Italy opens procedure against China's Sinochem for possible breach of Pirelli governance

Italy has opened up an administrative procedure against China’s Sinochem, the largest shareholder in Italian tiremaker Pirelli,...

50 European leaders assess how Trump will affect their fortunes and seek a common stance on Russia

BUDAPEST, Hungary -- Around 50 European leaders, including Ukrainian President Volodymyr Zelenskyy and NATO Secretary-General Mark Rutte,...

Japanese automaker Nissan cuts 9,000 jobs as its vehicles fail to sell

TOKYO -- TOKYO (AP) — Nissan reported Thursday a loss for the latest fiscal quarter as its...

Sweden cuts its key rate by 0.5 percentage points to 2.75%, the largest reduction in over a decade

STOCKHOLM -- Sweden’s central bank on Thursday cut its key interest rate by half a percentage point...

Bank of England is set to cut interest rates despite potential new inflation worries

LONDON -- The Bank of England is set to cut interest rates later Thursday for the second...

Germany's leader expected to lead country with minority government after coalition collapse

BERLIN -- After German Chancellor Olaf Scholz dramatically fired Finance Minister Christian Lindner of the pro-business Free...

China's exports grew 12.7% in October, fastest pace in more than 2 years

HONG KONG -- China's exports rose 12.7% in October from a year earlier, the fastest monthly growth...