Trump Media and Technology Group, the owner of social networking site Truth Social, reported a loss of more than $300 million in the last quarter according to its first earnings report as a publicly traded company. The company posted a loss of $327.6 million for the three-month period ending March 31, with $311 million in non-cash expenses due to its merger with Digital World Acquisition Corp., a special purpose acquisition company.
A year earlier, Trump Media had reported a much smaller loss of $210,300. The company generated $770,500 in revenue in the first quarter, mainly from its advertising initiatives, down from $1.1 million the previous year. Trump Media stated that at this early stage, their focus is on long-term product development rather than immediate revenue results.
Earlier in the month, the company dismissed its auditor due to federal fraud charges, further delaying the filing of the quarterly earnings report. Trump Media had already gone through two auditors before terminating BF Borgers in May. Despite these challenges, shares of Trump Media rose by 36 cents to $48.74 in after-hours trading. The stock had reached close to $80 in late March after its initial public offering on Nasdaq.