Telegram’s total revenue for the first half of the year was $525 million, up 190% compared to the same period in 2023.
Telegram reported to investors for the first time about its business after the arrest of owner Pavel Durov by French police in August. According to financial reports for the first half of the year, the business is based on significant assets and transactions in the Toncoin cryptocurrency. Writing about it FT.
Telegram reported an increase in the value of its digital assets in the first half of the year to $1.3 billion from $400 million in December 2023. During this period, the company received $353 million from the sale of digital assets and sold Toncoin to worth $348 million.
Telegram’s total revenue for the first half of the year was $525 million, an increase of 190% compared to the same period in 2023. About half of this amount is related to cryptocurrency – the funds came from a transaction with an unnamed party.
Advertising revenue roughly doubled to a record $120 million in the first half, and premium subscription revenue rose to $119 million.
With such indicators, Telegram can become a profitable project. In the first half of the year, the company generated net income of $335 million after taxes. For comparison, last year Telegram’s revenue was only $342 million, and losses were $173 million.
The company is wholly owned by Durov, but previously raised about $2.4 billion in loans through 2026.
Let’s recall that the Toncoin cryptocurrency, founded by Pavel Durov and used in Telegram, fell sharply in price after the news of the arrest of the co-founder in France.
Source: korrespondent
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