Updated Version 2 - Trump Media Achieves Quarterly Profit; Truth API Drives Revenue Growth

Rewrote the first paragraph, added CEO commentary from the earnings call in the seventh paragraph, and included stock price movement.

Reuters, November 9 - Trump Media & Technology Group (DJT.O) reported a profitable third quarter on Monday, with revenue rising more than threefold from the same period last year, mainly driven by the growth of its “Truth API” data licensing business.

The company’s shares rose about 1% in after-hours trading.

Trump Media & Technology Group, founded by U.S. President Donald Trump and best known for its “Truth Social” platform, has in recent years been increasingly transforming from a social media company into a broader technology and investment business.

The company is currently merging with TAE Technologies to move into the fusion energy sector, and reaffirmed that the $6 billion deal (link) will close this quarter.

Earlier this year, Trump Media launched the “Truth API” (link), describing it as a subscription-based data feed that grants authorized, low-latency access to public “Truth Social” posts.

The Truth API and Truth+ streaming platform jointly contributed $1.8 million in subscription revenue, making up most of the company’s revenue growth.

Revenue surged 205% to $3 million for the quarter ended September 30.

Last month, Reuters reported that Truth Social had signed (link) Bloomberg, Susquehanna International Group, and Jump Trading as customers, with subscribers paying $60,000 to $100,000 per month for faster access to Truth Social posts.

Trump Media’s stock has dropped nearly 70% this year. Since Democrats won control of both the House and Senate in the midterm elections, the shares have fallen about 32%. The election results were widely seen as a rebuke of Trump’s policies.

“Although the market fluctuates in response to headlines, the company’s core business remains steady,” interim CEO Kevin McGahn said on the earnings call. “From Tuesday to Wednesday, our balance sheet remained unchanged. The momentum of our products has not reversed.”

The company recorded $409.7 million in net profit, primarily due to gains from its holdings in cryptocurrency and related securities. In the same period last year, the company had recorded a net loss of $54.8 million.

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