In the first half of 2024, Telegram’s revenue amounted to $525 million, 190% more than the same period last year. The Financial Times writes about this based on the company’s unaudited financial report. The management of the messenger claims that the detention of general director Pavel Durov in France did not have a “significant impact” on its performance.
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The value of Telegram’s digital assets reportedly rose to $1.3 billion, up from $400 million at the end of 2023. After-tax profits reached $335 million, in contrast to a loss of 173 million dollars for the entire year 2023.
Nearly half of the revenue ($225 million) came from a one-time deal with an anonymous party in which Telegram “was rewarded” by making Toncoin the only payment method for small businesses to pay for ads on the application. That exclusive agreement ended on October 1, according to the report.
The company also raised $353 million from the sale of digital assets from January to June and raised another $348 million from the sale of Toncoin since the beginning of the summer. According to its financial statements, Telegram “owns a significant amount of Toncoin and is subject to changes in its market value.” The token’s value has decreased by approximately 10% since Durov’s arrest.
Advertising revenue during the first half of the year reached a record $120 million and subscription revenue rose to $119 million, almost four times the figure for the same period in 2023, notes the Financial Times.
In September 2024, Telegram used part of the proceeds to repurchase $124.5 million of its own bonds. While Telegram bonds are still trading below par, they have recovered from the initial drop caused by Durov’s arrest and are trading at 95 cents on the dollar. compared to the 87 cent mark in August.
Experts have warned that reputational risks could make it difficult for Telegram to attract additional advertising revenue. In the report, the company said it continues to “cooperate with the judiciary in strict accordance with applicable French laws,” strengthens its moderation system and increases staff responsible for reviewing content.
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Durov was detained on August 24 at Paris airport, where he was flying from Baku. The case against the businessman contains charges for 12 crimes, including lack of cooperation with authorities to combat crime and complicity in the distribution of pornographic images of minors.
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On August 28, Durov was released on bail and prohibited from leaving France.
Author:
Karina Pardaeva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
