Shares of Trump Media & Technology wavered between small gains and losses in late trading after the parent of Truth Social reported sales of $837,000 and a net loss of $16.4 million for the quarter ending June 30.
Those losses are an improvement from the year-ago period when the social media company reported a loss of $22.8 million. The company also noted that about half its quarterly losses came from legal expenses related to its merger with Digital World Acquisition Corp.
Losses per share declined to 10 cents in the quarter from 26 cents in the year-ago period. But sales fell by about 30% from $1.2 million a year ago.
Cash equivalents were $344 million, up from $2.6 million a year ago. CEO Devin Nunes also noted the company has “no debt.”
He added that Trump Media was taking extraordinary steps to minimize its reliance on Big Tech by creating its own hardware infrastructure and software system to “operate a unique content delivery network.”
Shares of Trump Media peaked on March 27 at $66 a share the day after Trump Media began trading on the Nasdaq after merging with blank-check company Digital World Acquisition Corp. Since then, they have fallen more than 60%.
Former President Donald Trump is the largest shareholder with 114.75 million shares—around 60% of total shares—which are now worth around $3 billion.
