DJT: Trump Media reports $770,500 revenue for first quarter, net loss of $327.6 million
Source: cnbc.com
Published Mon, May 20 20245:35 PM EDT Updated 10 Min Ago
Trump Media & Technology Group, the parent company of Donald Trumps Truth Social network, reported a net loss of $327.6 million, with total revenue at $770,500 in its first fiscal quarter.
DJT shares were relatively flat in post-market trading following the release of the earnings report, which had not been highly publicized prior.
TMTG also said it signed contracts with a data center partner and hardware vendor to launch Truth Socials TV streaming platform.
Trump Media & Technology Group, the parent company of Donald Trumps Truth Social platform, disclosed a net loss of $327.6 million in the first quarter of the year, with total revenue at $770,500, according to its earnings report, filed Monday with the Securities and Exchange Commission.
The report is one of the first measures of the companys true financial health since it debuted as a public company on the Nasdaq Stock Market in March after completing a merger with a shell company, Digital World Acquisition Corp.
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Since going public, the DJT stock has whipsawed on what experts say is a meme stock trajectory, sometimes rising or falling dramatically, without any significant news to account for the swing.
TMTG CEO Devin Nunes said the company is exploring a wide array of initiatives and innovations to build out the Truth Social platform including potential mergers and acquisitions activities in a statement on Monday................................
Read more: https://www.cnbc.com/2024/05/20/trump-media-djt-q1-2024-earnings.html
ah... trumpy will have to do some more begging for the green stuff.
GregariousGroundhog
(7,560 posts)It might be stuffed with cash.
magicarpet
(16,082 posts)rubbersole
(8,257 posts)That should get the stock mooooving.
Sorry.
Otto_Harper
(561 posts)rubbersole
(8,257 posts)Midnight Writer
(22,856 posts)mn9driver
(4,547 posts)This smells very crooked. Id like to see who is making the market for this boondoggle.
Bernardo de La Paz
(50,582 posts)I've been watching the stock intermittently to enhance my chart-reading skills. Wouldn't dream of investing in it and shorting it is a job for skilled technician. I've seen sudden runs where the price rises aggressively minute after minute for 5 to 10 minutes on big volume compared to other times in the same day. Then later there will be steady price declines on slightly elevated volume which seems like the big money is selling off their position so they don't get stuck with shares.
Last several trading days have had less than half the average daily volume of the preceding 60 days. I think the stock has run out of some of its steam.
$50 was a resistance level until the stock got into the 50-52 level. Now with the stock below 50 again and the terrible earnings report that came out today, 50 is again a resistance level I think. I think there might be quite a drop in the days ahead, but of course markets have their own mind.
Bernardo de La Paz
(50,582 posts)AZ8theist
(6,356 posts)GB_RN
(3,079 posts)Just for the first quarter?!?! Holy shit!
At that rate, theyll burn through $1 billion, give or take, by the end of the year.
Cantaloupe Caligulas failure of a Xitter copycat doesnt even have the basic fundamentals to ever turn a profit. No user growth, & no real advertising (except for scams that take advantage of the rubes) - respectable companies want nothing to do with all the Seig heil-ing, etc., so, no income growth.
The stocks going to take an absolute nosedive before too long. And of course, it will be all the rubes who get fleeced, because they bought the shit, thinking that this will be the scam scheme they get rich off of. You know, because the tRump NFTs worked out so well.🙄🤦?♂️
No sympathy.
Bernardo de La Paz
(50,582 posts)I have not read any details about the earnings report. But if companies are facing a bad quarter, they tend to write off losses in that quarter that might have been put in the next quarter. Or they do an accounting move to put all the bad news into one quarter.
That said, I think the size of the loss and the drop in revenue indicate serious problems with the business. I think it is more than simply one quarter. Just for starters, the previous quarter was dreadful too ($ 4 million revenue and about $57 million loss), so this doesn't seem like a one-off.
GB_RN
(3,079 posts)Corporations get to play all kinds of shenanigans with their accounting that wed be in major trouble for. Spreading losses out, etc.
But I think thats way too big of a loss in one quarter after just $57 million to have that as an explanation.
wolfie001
(3,404 posts)The whole "Let's somehow turn this gold-plated pile of sh$t into a fortune for Trump". WTF is going on and is there a lot of foreign $ involved?
DJ Porkchop
(588 posts)Truth Social HQ:
jmowreader
(51,292 posts)This whole thing screams "we're doing it out of a spare bedroom."
Seriously though, how in hell do you lose $327 million in one quarter? Especially with THAT operation? I can get 1GB/second internet at my house for $160 per month. Throw $50K worth of hardware at it, pay four people $50k/year to administer it, and you're done. He's running off open-source software so there's no licensing.
RockRaven
(16,060 posts)keithbvadu2
(39,694 posts)exploring a wide array of initiatives and innovations..."
What optimism! Sounds like a plan.
Ahh have the faith.
Here's my retirement fund!
I'll get another mortgage on the house and talk my retired mom out of her retirement fund.
Donald wouldn't let us down.
??? Of course not!
keithbvadu2
(39,694 posts)OK! That one might be .
4lbs
(7,343 posts)Gotta get that money somehow....
Diraven
(949 posts)They only have like 50 employees so it's not payroll. Probably going to end up being another mysterious "loan".
Probatim
(2,974 posts)What reporting requirements are there to be listed on the NASDAQ? What might they tell us?
NBachers
(17,977 posts)Picaro
(1,762 posts)The DJT stock closed over $48 per share today.
Who are the people that are keeping the stock puffed up way beyond any sane valuation?
Have the billionaires ridden to the rescue? Are MAGATs draining their savings to buy this stinking piece of offal?
This stock should be a penny stock at this point.
relayerbob
(6,944 posts)ybbor
(1,598 posts)They have no volume for action, 2.7 million shares traded today, and only 60k after hours today with their earnings. Apple on the other hand had 59 million shares trade today and 4.6 million after hours.
PatrickforB
(15,059 posts)Not!
SarcasticSatyr
(1,264 posts)Lottery scratch offs are a better investment than this . . . .
Mawspam2
(843 posts)...Tulips
...Beanie Babies
...Magic, The Gathering trading cards
...Non Fungible Tokens
...Dogecoin
Best_man23
(5,086 posts)Than that dog squeeze DJT stock.
In fact, a Maggie Haberman-Judith Miller collaboration piece printed in one of the David Pecker rags sold in the grocery checkout would be worth more than DJT.
BlueWaveNeverEnd
(9,950 posts)Bernardo de La Paz
(50,582 posts)MSN says this morning a detail new to me:
So the rest of the huge quarterly loss might be writeoffs. Regardless, a loss that big for a company that small is likely to contain some bizareness.
Best_man23
(5,086 posts)Your "favorite president" needs your support, and you need to go long on DJT.
So do as NSYNC says, BUY! BUY! BUY!
Oopsie Daisy
(4,321 posts)Kid Berwyn
(17,596 posts)He should go play with himself.
mathematic
(1,471 posts)Everybody knows this company, as is, is complete garbage and worth nothing. So why does it have a multi-billion dollar market cap?
Apart from the MAGA cultists dumping their retirement portfolios into the stock, there are rational (albeit cynical) investors that think if trump wins then he'll direct billions of dollars in business towards his companies, including DJT. The stock is trading on the possibility of massive corruption in a second trump administration.
I think we're seeing a new variety of public official corruption being created in real time. I wouldn't be surprised if high profile republican candidates all start spinning up do-nothing publicly traded "media" companies that can be used as a proxy for election prediction gambling.