Former President Donald Trump's media company reported a net loss of $19.2 million in the third quarter due to legal costs and costs associated with its TV streaming deal.
Trump Media & Technology Group said the figure includes $12.1 million in litigation costs in the quarter stemming from its acquisition of TV streaming technology in August, as well as residual costs related to a SPAC transaction in March. said. This is the third consecutive quarterly loss for the company since its listing in March.
It also reported $3.9 million in research and development expenses.
The company's stock reversed earlier losses in after-hours trading and was up about 2% in recent trading.
The report comes as the presidential election enters its final stages, with polls showing a close race between Trump and current Vice President Kamala Harris, and the world in one of the most unusual races in modern U.S. history. is awaiting the results of the election.
The stock price of Trump Media, which runs the social media platform Truth, has fluctuated wildly in recent days, acting as a proxy for Trump's chances of winning.
Trump Media said it had revenue of $1 million in the quarter that ended in September, cash and cash equivalents of $672.9 million, including short-term investments, and no debt.
