Trump Media swings to $409.7 million quarterly profit
By Brie CarterKey points
- Trump Media & Technology Group Corp. (NASDAQ:DJT) reported third-quarter net income of $409.7 million, reversing a $54.8 million loss.
- Revenue increased 205% to $3 million, driven partly by Truth API subscriptions and Truth+.
- The SEC cleared its merger registration with TAE Technologies, setting a shareholder vote for 14 December.
Trump Media & Technology Group Corp. (NASDAQ:DJT) reported third-quarter net income of $409.7 million, reversing last year's $54.8 million loss.
Revenue climbed 205% to $3 million, while total assets reached $2.5 billion by September's end.
“Revenue grew 205% year-over-year on recurring subscription revenue, our cost structure is inherently leaner, and our balance sheet gives us real flexibility,” Interim CEO Kevin McGurn said in a statement.
Non-cash gains of $496.1 million from digital assets and equity securities drove much of the quarterly profit.
Truth API, the company's data licensing product, launched on 1 August and generated subscription growth alongside Truth+.
The SEC declared Trump Media's merger registration with fusion energy company TAE Technologies effective on 5 November.
Trump Media held approximately $2.3 billion in financial assets, including cash, investments and digital assets, at quarter-end.
Following the announcement, Trump Media shares were up 1.75% to $4.060.
Frequently asked questions
More from Crypto
Six firms back CFTC in equity perpetuals court fight
Securitize expands tokenisation business with River One deal
CertiK urges crypto exchanges to cap hot wallets
Bitmine lifts Ether holdings to 6.07 million
MARA reports $632 million profit amid Bitcoin sales
Sharplink posts $751 million quarterly profit
