Donald Trump's Media Business Reports Less Than $1 Mln Revenue In Q2

(RTTNews) - Former U.S. President Donald Trump's media company Trump Media & Technology Group (DJT) reported second-quarter revenue of $836,900, a 30 percent decline from last year.

The parent company of Truth Social attributed the revenue fluctuations primarily to "a change in revenue share with one of our advertising partners" on the social media platform, which serves as the company's main source of income.

"Additionally, revenue has varied as we selectively test a nascent advertising initiative on the Company's Truth Social platform," the company added.

In a SEC filing, the company revealed a loss of $16.4 million, including $8.3 million in legal expenses for its merger with Digital World Acquisition Corp. in March. This compares to a loss of $22.8 million in the previous year quarter.

Further, the company noted that, "Additionally, the Company incurred $3.1 million of IT consulting and software licensing expenses, primarily related to its software licensing agreement to power its new TV streaming service."

Recently, the company has launched the Truth+ streaming service, which includes news, commentary, health, lifestyle and entertainment content. The company also plans to "explore numerous other possibilities for growth, including mergers and acquisitions" in the future.

Despite the plans, the media business said in the regulatory filing that it expects to incur operating losses for the "foreseeable future".