Trump's Truth Social posts Q2 loss, lower revenue

Date:

Share post:


Trump Media and Technology Group, the owner of former President Donald Trump’s social networking site Truth Social, lost more than $16 million last quarter, along with a decline in revenue

SARASOTA, Fla. — Trump Media and Technology Group, the owner of former President Donald Trump’s social networking site Truth Social, lost more than $16 million last quarter, along with a decline in revenue, according to its earnings report Friday.

For the three-month period that ended June 30, the company posted a loss of $16.4 million, about half of which was legal expenses related to its merger with a company called Digital World Acquisition Corp., which was essentially a pile of cash looking for a target to merge with. It’s an example of what’s called a special purpose acquisition company, or SPAC, which can give young companies quicker and easier routes to getting their shares trading publicly.

Trump Media said it also incurred $3.1 million of technology consulting and software licensing expenses, mainly related to its software licensing agreement to power its new TV streaming service called Truth+.

Revenue was $836,900, down 30% from $1.2 million a year earlier.

Truth Social said it has zero debt and “believes it has sufficient working capital to fund operations for the foreseeable future.”

Shares climbed 18 cents to $26.39 in after-hours trading Friday.



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

Norfolk Southern makes deal with investors to prevent another fight for control of the railroad

Norfolk Southern announced an agreement Thursday with Ancora Holdings to keep the investor from launching a repeat...

Wisconsin agency issues first round of permits for Enbridge Line 5 reroute around reservation

MADISON, Wis. -- Enbridge's contentious plan to reroute an aging pipeline around a northern Wisconsin tribal reservation...

Powell says Fed will likely cut rates cautiously given persistent inflation pressures

WASHINGTON -- Chair Jerome Powell said Thursday that the Federal Reserve will likely cut its key interest...

How Alex Jones' Infowars wound up in the hands of The Onion

The purchase of Alex Jones ' Infowars at a bankruptcy auction by the satirical news publication The...

Latvia charges 2 Lithuanians for counterfeiting Ariel laundry products in organized criminal venture

HELSINKI -- Latvian police said Thursday that criminal proceedings have been initiated against two Lithuanian citizens suspected...

Number of Americans filing for unemployment falls to lowest level in 6 months

The number of Americans applying for unemployment benefits fell to the lowest level in six months last...

Ford agrees to pay penalty to US government for moving too slowly on recalls

DETROIT -- Ford Motor Co. will pay a penalty of up to $165 million to the U.S....

Veteran NBC host Craig Melvin tapped to replace Hoda Kotb for the first hours of 'Today' show

NEW YORK -- Veteran NBC host and news anchor Craig Melvin has been tapped to replace Hoda...