Telegram’s messaging platform is reporting strong growth according to the company’s unaudited financials for the half year of this year.
The company whose founder and CEO, Pavel Durov, was detained in August in Paris by French authorities, reassured investors that this legal battle hasn’t significantly impacted the company’s operations. He was arrested for failing to address criminal activity on the platform, facing charges that could result in a decade in prison while currently on bail.
Despite these legal hurdles, the platform’s financial disclosures(dated October 22) to its investors for the first half of 2024 reveal strong growth, with its digital assets—particularly cryptocurrency holdings—playing a key role in the company’s financial health.
According to the disclosures, the company’s unaudited financials reveal $525 million in revenue, and a post-tax profit of $335 million indicating the possibility of its first annual profit, and the value of its digital assets growing from $400 million at the end of last year to $1.3 billion.
It’s worth noting that almost half of the company’s revenue—$225 million—stemmed from a one-time deal allowing Toncoin as the sole payment for small business ads on Telegram, which was terminated on October 1.
However, Telegram noted that it experienced volatility in the crypto market, with Toncoin’s value falling 10% since Durov’s arrest.
The company said that it is dedicated to enhancing its content moderation practices amid criticism of illegal content on its platform.
Telegram added that it remains committed to ads and subscriptions as its main monetization strategy, despite the ongoing legal concerns affecting its future advertising revenue.
Telegram’s strong stance on privacy has made it a controversial platform, acting as a communication tool for activists and illicit activities, leading to government scrutiny and temporary bans.
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