DJT: Trump Media reports $770,500 revenue for first quarter, net loss of $327.6 million

[riversedge]

Source: cnbc.com



Published Mon, May 20 20245:35 PM EDT Updated 10 Min Ago


Trump Media & Technology Group, the parent company of Donald Trump’s 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 Social’s TV streaming platform.



Trump Media & Technology Group, the parent company of Donald Trump’s 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 company’s 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.

..............................

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

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ah... trumpy will have to do some more begging for the green stuff.

[GregariousGroundhog]

1. Might need to check out Devin Nunes' cow.

It might be stuffed with cash.

[magicarpet]

6. Nunes is milking the Truth Social cow but the only thing coming out is putrid sour milk.

[rubbersole]

15. Hey Devin, merge Truth Social with your one dairy cow.

That should get the stock mooooving.

Sorry.

[Otto_Harper]

34. That joke is an udder disgrace (NT)

[rubbersole]

35. It cud be worse.

[Midnight Writer]

2. There is an investor in Trump's businesses born every minute.

[mn9driver]

3. $48 per share close today. Market cap of $6.6 billion

This smells very crooked. I’d like to see who is making the market for this boondoggle.

[Bernardo de La Paz]

10. I think there is some big money (Saudi?) that pumps up the stock every so often

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]

4. Revenue going down, expenses and loss soaring. . . . . nt

[AZ8theist]

17. It's Doturds' business model!!!!

[GB_RN]

5. -$327.6 Million?!?!

Just for the first quarter?!?! Holy shit!
At that rate, they’ll burn through $1 billion, give or take, by the end of the year.

Cantaloupe Caligula’s failure of a Xitter copycat doesn’t 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 stock’s 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]

11. When companies have substantial losses in a quarter they tend to load up the losses

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]

27. Oh, Yeah...

Corporations get to play all kinds of shenanigans with their accounting that we’d be in major trouble for. Spreading losses out, etc.

But I think that’s way too big of a loss in one quarter after just $57 million to have that as an explanation.

[wolfie001]

7. This may be one of American Finance's greatest grifting

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]

8. Showing Elon how it's done!

Truth Social HQ:

[jmowreader]

36. Come on. Do you think they opened an office?

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]

9. Sounds like at least $770K too much...

[keithbvadu2]

12. What optimism! Sounds like a plan... Get me another 10,000 shares.

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]

13. How many shares has Jared purchased/invested in with his Saudi billions?

OK! That one might be .

[4lbs]

14. Time for Lara to do some more shaking of the RNC's couch cushions.

Gotta get that money somehow....

[Diraven]

16. So where did the $300 million go?

They only have like 50 employees so it's not payroll. Probably going to end up being another mysterious "loan".

[Probatim]

18. No kidding.

What reporting requirements are there to be listed on the NASDAQ? What might they tell us?

[NBachers]

19. Watch it nosedive after he loses the election.

[Picaro]

20. The company is not viable

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]

23. In a normal Universe, it would be delisted already

[ybbor]

21. This price means really nothing, they're a nothing security.

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]

22. Dang! and here I was thinking about investing...

Not!

[SarcasticSatyr]

24. Let's be honest . . . .

Lottery scratch offs are a better investment than this . . . .

[Mawspam2]

25. But I made sooo much money in...

...Tulips
...Beanie Babies
...Magic, The Gathering trading cards
...Non Fungible Tokens
...Dogecoin

[Best_man23]

29. Going forward, Dogecoin has more upside

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]

26. lol

[Bernardo de La Paz]

28. One new detail: operating loss only $12,100,000

MSN says this morning a detail new to me:

The company reported revenue of $770,500 in the January-March period, most of which came from “the company’s nascent advertising initiative,” it said in a statement. It posted a $12.1 million operating loss for the quarter.

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]

30. Hey MAGAts, its BUY, BUY. BUY time!

Your "favorite president" needs your support, and you need to go long on DJT.

So do as NSYNC says, BUY! BUY! BUY!

[Oopsie Daisy]

31. Hey, Donald... you're such a loser.

[Kid Berwyn]

32. Every thing Scumpf touches, he destroys.

He should go play with himself.

[mathematic]

33. DJT, the stock, is essentially an election prediciton market

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.