Trump Media & Technology Group (NASDAQ:DJT) reported third-quarter financial results after the market close Tuesday, the same day Donald Trump is facing off against Kamala Harris in the 2024 presidential election.
What Happened: Trump Media & Technology Group announced third-quarter net sales of $1.01 million, down 6% year-over-year, according to data from Benzinga Pro.
The company said all of its revenue came from advertising on the Truth Social platform in the quarter.
The company reported a loss of 10 cents per share compared to a loss of 30 cents per share in last year's third quarter.
Trump Media & Technology Group, which was co-founded by the former president, highlighted the importance of Trump for the company's success.
"TMTG's success depends in part on the popularity of our brand and the reputation and popularity of President Donald J. Trump. The value of TMTG's brand may diminish if the popularity of President Donald J. Trump were to suffer," the company said.
Trump is able to post politically related posts on any social media site at any time, including outside of Truth Social, the filing said.
The filing lists a date of Feb. 2, 2025 for when Trump may "terminate the Exclusivity Obligation" with 30 days prior written notice for his non-political posts to appear first on Truth Social.
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What's Next: The quarterly filing said the company plans to roll out its streaming content in three phases.
- Phase 1: Introduce Truth Social for streaming live TV to the Truth Social app for Android, iOS and Web
- Phase 2: Release standalone Truth Social over-the-top streaming apps for phones, tablets and other devices
- Phase 3: Release Truth Social streaming apps for home TV
The company said it completed phase 1 in August, phase 2 in October and as of Oct. 23, phase 3 has seen the Truth+ streaming platform released on Apple TV, Android TV and Amazon Fire TV.
Future growth initiatives from the company include growing the initial Truth Social platform, increasing product offerings and pursuing strategic acquisitions and/or partnerships.
The company said it plans to expand the business operations globally.
Trump Media & Technology Group ended the third quarter with $672 million in cash, cash equivalents and short-term investments.
DJT Price Action: Shares of Trump Media & Technology Group saw increased volatility Tuesday ahead of the 2024 election with shares halted twice Tuesday.
Shares traded between $31.45 and $40.74 on Tuesday before closing down 1% to $33.94.
The stock is trading 2,.2% higher after hours at $4.69.
Trump Media & Technology Group stock is likely to experience increased volatility during the week as investors await the results of the 2024 election, with a potential Trump win viewed as a positive for the stock and a Trump loss viewed as a negative for the stock.
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