Trump Media And Technology Group’s Revenue Plunges 30 Percent In Q2 2024 On A Net Loss Of $16 Million

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Despite announcing a spate of positive news in recent days, Trump Media and Technology Group (NASDAQ: DJT) shares are on watch for turbulence after announcing lackluster financial results for the second quarter of 2024.

To wit, Trump Media earned just $836,900 in revenue for the recently concluded quarter, marking a decline of ~30 percent relative to $1.192 million in revenue that Truth Social's parent company recognized in the comparable quarter of 2023.

Related Story Trump Media And Technology Group Begins The Phased Rollout Of Its “Uncancelable” Streaming Service Called Truth+

On the positive side, the company reported a narrower net loss of $16.368 million vs. $22.768 million that it recognized as net loss in Q2 2023.

Also, as of the 30th of June 2024, Trump Media and Technology Group's cash balance stood at $343.954 million, boosted by Digital World's de-SPAC process and its merger with TMTG, as well as the cash exercise of the associated warrants.

At the time of writing, Trump Media shares are largely flat, indicating the priced-in nature of today's financial disclosure.

Meanwhile, TMTG continues to populate its bespoke content streaming service, dubbed the Truth Plus, with new features.

Last week, the company formally announced the rollout of its Truth+ content streaming service on the web version of the Truth Social app. Since then, this progressive rollout has become effective on the Android and iOS platforms as well.

In the next stages, Trump Media and Technology Group intends to introduce features such as "an interactive 14-day electronic guide, instant catch-up of TV show broadcasts in the previous 7 days, network DVR, video on demand, etc." on the Truth Social app.