Trump media company announces a massive loss and new turnaround effort
- Trump Media & Technology reported a loss of $238 million in the second quarter, significantly higher than the previous year's loss.
- The company's per-share loss increased to 86 cents from 8 cents a year earlier.
- New CEO Kevin McGurn announced plans to refocus the business on social media after abandoning unrelated ventures like crypto and online betting.
- The company aims to generate revenue through a new service called Truth API, which offers early access to posts from users like Donald Trump.
- Trump Media had $1 billion in debt and over $400 million in cash and short-term investments at the end of the quarter.
Trump Media & Technology, the company behind the Truth Social platform, announced a significant loss of $238 million for the second quarter, which is more than ten times the loss reported a year earlier. The per-share loss increased to 86 cents, up from 8 cents in the same period last year.
In a conference call, CEO Kevin McGurn stated that the company would abandon its expansion into unrelated businesses, including crypto and online betting, to refocus on its core social media mission. He emphasized the importance of the Truth API service, which offers early access to posts from top users, including Donald Trump.
The company reported $1.7 million in revenue for the quarter, more than double from a year earlier, but still faces significant financial challenges with $1 billion in debt. At the end of the quarter, Trump Media had over $400 million in cash and short-term investments, along with $1.2 billion in bitcoin and related assets.
特朗普媒体公司宣布巨额亏损及新转型计划
特朗普媒体公司，负责Truth Social平台，宣布第二季度亏损2.38亿美元，远高于去年同期的亏损。每股亏损从去年的0.08美元增加至0.86美元。
在一次电话会议上，首席执行官凯文·麦格恩表示，公司将放弃扩展到包括加密货币和在线博彩等无关业务，重新聚焦于其核心社交媒体使命。他强调了Truth API服务的重要性，该服务为顶级用户（包括唐纳德·特朗普）的帖子提供提前访问权限。
公司在本季度报告的收入为170万美元，比去年同期翻了一番，但仍面临重大财务挑战，债务达到10亿美元。截至季度末，特朗普媒体公司拥有超过4亿美元的现金和短期投资，以及12亿美元的比特币和相关资产。