Trump Media, the parent company of Truth Social, posted a surprise third-quarter loss of $19.2 million, along with a slight decline in revenue, according to an unexpected filing made on Election Day as detailed in a report by CNBC.

The company’s revenue for the period dropped 5.6 per cent to just $1.01 million compared to the same quarter last year. The filing, which came after the stock market closed on Tuesday, caught investors off guard, particularly as it coincided with Election Day when former President Donald Trump faced off against Vice President Kamala Harris the CNBC report detailed further.

Trump's media stock will remain volatile <o:p></o:p>

Despite the disappointing financial results, Trump Media's stock showed a volatile response. Shares initially surged by more than 6 per cent in after-hours trading, but earlier in the day, the stock had given up an 18.6 per cent intraday rally to finish 1.2 per cent lower. With the election outcome still pending, stock movements are likely to remain unpredictable in the coming days.&nbsp; 

Trading activity in Trump Media has been erratic. Over the past week, its stock has fallen by more than 34 per cent, although it remains up 93 per cent year-to-date. The company’s trading volume has been notably higher than average, more than doubling its usual 30-day volume.&nbsp; 

For the first nine months of 2024, Trump Media reported a total of $2.6 million in revenue, alongside a substantial net loss of $363 million.

However, the company’s balance sheet shows $673 million in cash and investments, with no debt, a point that CEO Devin Nunes highlighted in his statement. He described the quarter as "extraordinary" and reaffirmed the company’s commitment to exploring "additional possibilities for growth."

This mixed financial performance reflects Trump Media's challenges in building a sustainable business, particularly as its flagship platform, Truth Social, competes in a crowded social media market.

Despite the losses, the company remains optimistic about its future growth prospects, even as it navigates a turbulent political and financial landscape.

All eyes are now on the outcome of the US presidential election with a possibility of Trump winning his second term as he competes against Kamala Harris for the top position. Market participants and investors will closely follow these developments to make informed investment decisions on Trump Media’s stock.

Trump Media, the parent company of Truth Social, posted a surprise third-quarter loss of $19.2 million, along with a slight decline in revenue, according to an unexpected filing made on Election Day as detailed in a report by CNBC.

Trump Media, the parent company of Truth Social, posted a surprise third-quarter loss of $19.2 million, along with a slight decline in revenue, according to an unexpected filing made on Election Day as detailed in a report by CNBC. The company’s revenue for the period dropped 5.6 per cent to just $1.01 million compared to the same quarter last year. The filing, which came after the stock market closed on Tuesday, caught investors off guard, particularly as it coincided with Election Day when former President Donald Trump faced off against Vice President Kamala Harris the CNBC report detailed further. Trump's media stock will remain volatile Despite the disappointing financial results, Trump Media's stock showed a volatile response. Shares initially surged by more than 6 per cent in after-hours trading, but earlier in the day, the stock had given up an 18.6 per cent intraday rally to finish 1.2 per cent lower. With the election outcome still pending, stock movements are likely to remain unpredictable in the coming days. Trading activity in Trump Media has been erratic. Over the past week, its stock has fallen by more than 34 per cent, although it remains up 93 per cent year-to-date. The company’s trading volume has been notably higher than average, more than doubling its usual 30-day volume. For the first nine months of 2024, Trump Media reported a total of $2.6 million in revenue, alongside a substantial net loss of $363 million. However, the company’s balance sheet shows $673 million in cash and investments, with no debt, a point that CEO Devin Nunes highlighted in his statement. He described the quarter as "extraordinary" and reaffirmed the company’s commitment to exploring "additional possibilities for growth." This mixed financial performance reflects Trump Media's challenges in building a sustainable business, particularly as its flagship platform, Truth Social, competes in a crowded social media market. Despite the losses, the company remains optimistic about its future growth prospects, even as it navigates a turbulent political and financial landscape. All eyes are now on the outcome of the US presidential election with a possibility of Trump winning his second term as he competes against Kamala Harris for the top position. Market participants and investors will closely follow these developments to make informed investment decisions on Trump Media’s stock.

Trump Media reports $19.2 million loss in Q3, revenue declines on election day filing

U.S. President Donald Trump said on Monday he would push for a &quot;reciprocal tax&quot; against countries, including U.S. allies, that levy tariffs on American products, but officials did not provide details on how such a tax would be structured or what goods it would apply to.

During his populist 2016 presidential campaign, Republican Trump railed at countries that had trade surpluses &quot;taking advantage of the United States&quot; and he revisited the theme on Monday.

&quot;We cannot continue to let people come into our country and rob us blind and charge us tremendous tariffs and taxes and we charge them nothing,&quot; Trump told reporters at a White House event to announce a proposed infrastructure plan.

The United States loses &quot;vast amounts of money with China and Japan and South Korea and so many other countries ... It`s a little tough for them because they`ve gotten away with murder for 25 years. But we`re going to be changing policy,&quot; he said.

Trump said his administration will impose a &quot;reciprocal tax&quot; to charge other countries - &quot;some of them are so-called allies but they`re not allies on trade.&quot;

He did not specify how such a tax would be structured, or whether he meant that U.S. tariff rates should be raised to equal to those charged by other major trading partners. Administration officials were not immediately able to elaborate on the president`s comments.

Trump cited motorcycle maker Harley-Davidson as an example of the problem of unfair trade. Harley is building a factory in Thailand, partly because its U.S.-built bikes face a 60 percent tariff there.

The United States has pledged to the World Trade Organization a relatively low, 3.5 percent applied tariff rate, compared to 9.9 percent for China and 5.2 percent for the European Union. For some products, the gap is much wider, such as in passenger vehicles, where the United States charges 2.5 percent tariffs, versus 25 percent in China and 10 percent in the EU.

It was also unclear whether Trump was reviving the idea of a border adjustment tax, an idea rejected by congressional Republicans in last year`s tax reform effort.

Retailers and some import-dependent industries strongly opposed the plan for a 20 percent tax on imports aimed at offsetting the value-added tax refunds that some countries grant to their exporters. The National Retail Federation at the time called it a &quot;bad tax&quot; that would &quot;drive up the prices of countless products Americans use every day.&quot;

Trump asked Commerce Secretary Wilbur Ross if he agreed with the idea of a reciprocal tax during the infrastructure event.

Ross said, &quot;sure,&quot; and proceeded to say that the United States for too long had offered trade concessions to other countries that were no longer needed. 
&quot;Well, we gave away so much unilaterally that we really have to claw it back,&quot; Ross added.

Officials did not provide details on how such a tax would be structured

U.S. President Donald Trump said on Monday he would push for a "reciprocal tax" against countries, including U.S. allies, that levy tariffs on American products, but officials did not provide details on how such a tax would be structured or what goods it would apply to. During his populist 2016 presidential campaign, Republican Trump railed at countries that had trade surpluses "taking advantage of the United States" and he revisited the theme on Monday. "We cannot continue to let people come into our country and rob us blind and charge us tremendous tariffs and taxes and we charge them nothing," Trump told reporters at a White House event to announce a proposed infrastructure plan. The United States loses "vast amounts of money with China and Japan and South Korea and so many other countries ... It`s a little tough for them because they`ve gotten away with murder for 25 years. But we`re going to be changing policy," he said. Trump said his administration will impose a "reciprocal tax" to charge other countries - "some of them are so-called allies but they`re not allies on trade." He did not specify how such a tax would be structured, or whether he meant that U.S. tariff rates should be raised to equal to those charged by other major trading partners. Administration officials were not immediately able to elaborate on the president`s comments. Trump cited motorcycle maker Harley-Davidson as an example of the problem of unfair trade. Harley is building a factory in Thailand, partly because its U.S.-built bikes face a 60 percent tariff there. The United States has pledged to the World Trade Organization a relatively low, 3.5 percent applied tariff rate, compared to 9.9 percent for China and 5.2 percent for the European Union. For some products, the gap is much wider, such as in passenger vehicles, where the United States charges 2.5 percent tariffs, versus 25 percent in China and 10 percent in the EU. It was also unclear whether Trump was reviving the idea of a border adjustment tax, an idea rejected by congressional Republicans in last year`s tax reform effort. Retailers and some import-dependent industries strongly opposed the plan for a 20 percent tax on imports aimed at offsetting the value-added tax refunds that some countries grant to their exporters. The National Retail Federation at the time called it a "bad tax" that would "drive up the prices of countless products Americans use every day." Trump asked Commerce Secretary Wilbur Ross if he agreed with the idea of a reciprocal tax during the infrastructure event. Ross said, "sure," and proceeded to say that the United States for too long had offered trade concessions to other countries that were no longer needed. "Well, we gave away so much unilaterally that we really have to claw it back," Ross added.

US to push for 'reciprocal tax' on trade partners

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Trump Media reports $19.2 million loss in Q3, revenue declines on election day filing

US to push for 'reciprocal tax' on trade partners