Markets
markets
Matt Phillips

Look at the red ink at Trump Media

Trump Media & Technology Group, the parent company of MAGA-centric social media site Truth Social, is incinerating a remarkable amount of money.

The company lost $328 million in the first quarter, on revenue of just $771,000.

Keep in mind Trump Media’s shares are up a fairly insane 153% so far this year.

In its earnings statement, the company offered an alternative “adjusted” loss figure — which stripped out $311 million in non-cash expenses related to “the conversion of promissory notes, and the associated elimination of prior liabilities” ahead of its SPAC merger last year — of $12.1 million. Still not great.

Given the amount of money the company is losing, it raises the question of how much longer it can continue. Trump Media “believes it has sufficient working capital to fund operations for the foreseeable future,” the company said in its earnings statement. We’ll see.

Trump Media lost more than $300 million last quarter on very little revenue | CNN Business

Trump Media lost more than $300 million last quarter on very little revenue | CNN Business

In its earnings statement, the company offered an alternative “adjusted” loss figure — which stripped out $311 million in non-cash expenses related to “the conversion of promissory notes, and the associated elimination of prior liabilities” ahead of its SPAC merger last year — of $12.1 million. Still not great.

Given the amount of money the company is losing, it raises the question of how much longer it can continue. Trump Media “believes it has sufficient working capital to fund operations for the foreseeable future,” the company said in its earnings statement. We’ll see.

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SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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Paige Oamek

Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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