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Truth Social parent Trump Media posts third straight quarterly loss

Truth Social parent Trump Media posts third straight quarterly loss


This article was originally published on NY Post - Technology. You can read the original article HERE

Former President Donald Trump’s media company reported a net loss of $19.2 million in the third quarter, due to legal fees and costs tied to its TV streaming deal.

Trump Media & Technology Group said the figure includes $12.1 million in legal fees in the quarter, stemming from its acquisition of TV streaming technology in August and residual fees related to its SPAC deal in March. It was the company’s third straight quarterly loss since going public in March.

It also reported $3.9 million in research and development spend.

Truth Social app
Trump Media, parent of Truth Social reported a net loss of $19.2 million in the third quarter, due to legal fees and costs tied to its TV streaming deal. AFP via Getty Images

Shares of the company reversed earlier losses in extended trading and were last trading about 2% higher.

The report comes as the presidential election is in the final stretch, with polls showing Trump and current Vice President Kamala Harris running neck and neck, as the world awaits the results of one of the most unusual elections in modern US history.

Shares of Trump Media, which operates the Truth Social media platform, have seen wild swings in recent days with the stock serving as something of a proxy for Trump’s chances of election.

Donald Trump
Shares of Trump Media, which operates the Truth Social media platform, have seen wild swings in recent days. AFP via Getty Images

Trump Media said its revenue was $1 million for the quarter ended September and had cash and cash equivalents of $672.9 million, including short-term investments, with no debt.

This article was originally published by NY Post - Technology. We only curate news from sources that align with the core values of our intended conservative audience. If you like the news you read here we encourage you to utilize the original sources for even more great news and opinions you can trust!

Read Original Article HERE



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