Trump Media's net loss in the second quarter exceeded US$238 million, and revenue was less than US$2 million

Comparing news, Trump Media & Technology Group (DJT) released its second-quarter earnings report on Monday, with a net loss of over US$238 million and revenue of less than US$2 million. The company disclosed that losses were mainly caused by the depreciation of digital assets, with Bitcoin and other crypto asset holdings surging losses of more than 190 million US dollars.

According to financial reports, the company's quarterly revenue of $1.7 million was mainly from Truth Social advertising services, which increased 89% year over year. However, operating expenses exceeded US$165 million, a sharp increase of 275% over the previous year. The CFO said that large fluctuations in spending are mainly affected by the price of crypto assets.

Truth Social traffic dropped sharply this summer. The company's Truth API has signed contracts with more than 10 customers, mainly high-frequency trading companies, with monthly fees of 60,000 to 100,000 US dollars.

Furthermore, the company is shrinking two collaborations with Crypto.com, shifting its focus to the media business and merger with nuclear fusion company TAE. DJT closed down 8% on Monday, and its stock price has fallen by most since the beginning of the listing.