Trump Media & Technology Group (NASDAQ: DJT) reported a net loss of $19.2 million in the third quarter, due to legal fees and costs tied to its TV streaming deal.
The company said the figure includes $12.1 million in legal fees in the quarter, stemming from its acquisition of TV streaming technology in August and residual fees related to its SPAC deal in March.
It also reported $3.9 million in research and development spending.
Shares of the company surged 29.55% in premarket trading as Donald Trump claims victory in 2024 elections.
Shares of Trump Media, which operates the Truth Social media platform, have seen wild swings in recent days with the stock serving as something of a proxy for Trump’s chances of election.
Trump Media said its revenue was $1 million for the quarter ended September and had cash and cash equivalents of $672.9 million, including short-term investments, with no debt.
(Source: Reuters)
