It’s been a tough financial year for the popular texting platform Telegram. The company just rolled out its earnings report with revenue of $342.5M. However, it was shocking to see operational losses reach $108 million for the company in 2023.
The news arrives at a time when the app’s founder is under arrest in France after being accused of not doing enough to curb illegal affairs on the platform.
The number of free speech debates keeps increasing and these numbers display how the company is making a lot of profit from cryptocurrency.
The leaked financial details of the app were leaked recently and they displayed a huge number of crypto transactions. It makes up a huge part of the income and the company is also known for big investments in different places around the world. This includes the UAE and the British Virgin Islands.
The financial report also showed how the company made a massive $500K from digital assets. But it was interesting to see another $86M gain under the term comprehensive income.
When we take a closer look at Telegram’s earnings, it’s quite clear that several new revenue streams are opening up. These account for 40% of the company’s overall revenue. We saw the app roll out a new integrated wallet functionality in 2023 which is a software tool. It allows users to store, trade, and receive their crypto assets through the app directly.
As we approach the end of 2023, the app’s crypto assets hit $400M which was much greater than the organization’s cash reserves. It was also interesting to see various transactions made by the company’s own leader. Pavel bought convertible bonds worth $64M in 2023 which is certainly a major personal investment for any firm.
He similarly purchased $300K of the app’s giveaways for premium subscriptions through Toncoins. Today, the company is 100% under the ownership of Durov. Still, it’s getting more than $2.3B from big investors who purchase convertible bonds.
These include tech investors, hedge funds, and also sovereign wealth funds. Now the real question is that with so many controversies related to the app and accusations framed against its owner, can the app still succeed and get through this mess?
If you ask us, the strategy it’s using to counterbalance the huge losses still remains to be explored and only time can tell if it’s good enough.
Image: DIW-Aigen
Read next: Elon Musk Contemplates Travel Restrictions Amid Scrutiny Over X Platform and Telegram CEO Arrest
The news arrives at a time when the app’s founder is under arrest in France after being accused of not doing enough to curb illegal affairs on the platform.
The number of free speech debates keeps increasing and these numbers display how the company is making a lot of profit from cryptocurrency.
The leaked financial details of the app were leaked recently and they displayed a huge number of crypto transactions. It makes up a huge part of the income and the company is also known for big investments in different places around the world. This includes the UAE and the British Virgin Islands.
The financial report also showed how the company made a massive $500K from digital assets. But it was interesting to see another $86M gain under the term comprehensive income.
When we take a closer look at Telegram’s earnings, it’s quite clear that several new revenue streams are opening up. These account for 40% of the company’s overall revenue. We saw the app roll out a new integrated wallet functionality in 2023 which is a software tool. It allows users to store, trade, and receive their crypto assets through the app directly.
As we approach the end of 2023, the app’s crypto assets hit $400M which was much greater than the organization’s cash reserves. It was also interesting to see various transactions made by the company’s own leader. Pavel bought convertible bonds worth $64M in 2023 which is certainly a major personal investment for any firm.
He similarly purchased $300K of the app’s giveaways for premium subscriptions through Toncoins. Today, the company is 100% under the ownership of Durov. Still, it’s getting more than $2.3B from big investors who purchase convertible bonds.
These include tech investors, hedge funds, and also sovereign wealth funds. Now the real question is that with so many controversies related to the app and accusations framed against its owner, can the app still succeed and get through this mess?
If you ask us, the strategy it’s using to counterbalance the huge losses still remains to be explored and only time can tell if it’s good enough.
Read next: Elon Musk Contemplates Travel Restrictions Amid Scrutiny Over X Platform and Telegram CEO Arrest
