Trump Media (DJT) Q1 2024 earnings

Trump Media & Technology Group, the mother or father firm of Donald Trump’s Truth Social platform, disclosed a internet lack of $327.6 million within the first quarter of the 12 months, with whole income at $770,500, in response to its earnings report, filed Monday with the Securities and Trade Fee.

The report is without doubt one of the first measures of the corporate’s true monetary well being because it debuted as a public firm on the Nasdaq Inventory Market in March after finishing a merger with a shell firm, Digital World Acquisition Corp.

DJT shares had been comparatively flat in post-market buying and selling following the discharge of the earnings report, which had not been extremely publicized prior. The inventory was down 5% at market shut, with a share value of $48.

Since going public, the DJT inventory has whipsawed on what consultants say is a meme inventory trajectory, typically rising or falling dramatically, with none important information to account for the swing.

TMTG CEO Devin Nunes mentioned the corporate is exploring “a big selection of initiatives and improvements to construct out the Fact Social platform together with potential mergers and acquisitions actions” in a press release on Monday.

“We’re notably excited to maneuver ahead with stay TV streaming by growing our personal content material supply community, which we imagine can be a serious enhancement of the platform,” Nunes added.

In April, the corporate introduced that Fact Social would launch a TV streaming platform in three phases, the primary for Android, iOS, and Net. The second would roll out as stand-alone apps for telephones, tablets and different units. The final section would launch for house tv.

In its first-quarter report, Trump Media mentioned it has signed contracts with its first knowledge heart accomplice, which might host the TV platform and a {hardware} vendor to offer tools.

The corporate informed the SEC final week that it will delay its quarterly submitting, after the company charged its former auditor, BF Borgers CPA, with “huge fraud” of a whole lot of firms, elevating purple flags in regards to the accuracy of the monetary data that the agency had audited.