Trump Media & Technology Group Corp (NASDAQ:DJT) shares are in the spotlight Tuesday on the heels of the company's first-quarter financial results.
What Happened: After the market close on Monday, Trump Media, the company behind former President Donald Trump's Truth Social, reported first-quarter revenue of $770,500 versus analyst estimates of $1.12 million, according to Benzinga Pro. The company also reported a quarterly loss of $3.61 per share.
Trump Media said it had a cash and cash equivalents balance of $273.7 million as of March 31. The company noted that it believes it has sufficient working capital to fund operations for the foreseeable future.
"After an unprecedented, years-long process, we have consummated our merger and dispensed with the vast bulk of merger-related expenses, leaving the Company well-capitalized and supported by a legion of retail shareholders who believe in our mission to provide a free-speech beachhead against Big Tech censorship," said Devin Nunes, CEO of Trump Media.
"TMTG is well-positioned at this early stage to grow quickly and fulfill our mission. Our positive working capital allows us to explore and pursue a wide array of initiatives and innovations to build out the Truth Social platform including potential mergers and acquisitions activities."
Trump Media highlighted its shareholder base of over 621,000 investors, which consists of a vast majority of retail investors.
Trump Media said it remains focused on long-term product development, rather than quarterly revenue. By adding features to Truth Social, launching live TV streaming and building out its ecosystem, the company aims to develop a slate of products that can be leveraged to increase revenue and drive long-term value.
Trump Media also noted that it has completed the research and development phase of its new live TV streaming platform and will begin scaling up its own content delivery network.
"We are particularly excited to move forward with live TV streaming by developing our own content delivery network, which we believe will be a major enhancement of the platform," Nunes said.
DJT Price Action: Trump Media shares were up 0.53% at $48.64 at the time of publication, according to Benzinga Pro.
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