Republican presidential nominee and former U.S. President Donald Trump speaks at a campaign town hall meeting in Lancaster, Pennsylvania, U.S. October 20, 2024.
Brian Snyder | Reuters
Trump Media, which is experienced a flurry of trading activity Tuesday as a possible proxy for Donald Trump’s presidency chances, revealed after the closing bell a loss for the third quarter along with a slight drop in already meager revenue.
The Truth Social parent lost $19.2 million during the period. Revenue fell 5.6% to just $1.01 million from the year-earlier period. The filing was not telegraphed to investors beforehand and came as a surprise to traders not expecting it on Election Day, the very day the former President and Trump Media majority owner squares off against Vice President Kamala Harris.
Shares were slightly higher in after-hours trading following the filing. Earlier in the day, the stock gave up an 18.6% surge to close 1.2% lower. The shares could move in the after hours or on Wednesday depending on the election results.
Trump Media, which trades under the ticker DJT, has seen volatile trading lately. Over the past week, it’s down more than 34%. However, it’s still up 93% year to date.
Volume in the name on Tuesday more than double its average 30-day volume.
Trump Media also reported about $2.6 million in revenue and a net loss of $363 million for the first nine months of 2024. On top of that, the company boasted that it ended the third quarter with $673 million in cash and investments, along with no debt.
“This has been an extraordinary quarter for the Company,” CEO Devin Nunes said in a statement. Trump Media is continuing to “explore additional possibilities for growth.”
— with reporting from Kevin Breuninger.