Date
11/28/2024 6:22:53 AM
(MENAFN) Telegram experienced significant financial growth in the first half of the year, with revenues reaching $525 million, a 190% increase from the same period last year, driven largely by cryptocurrency holdings. The company’s digital assets surged, with its native token, Toncoin, seeing its value triple, according to unaudited financial statements. This crypto boom provided a financial cushion for Telegram amid ongoing legal troubles faced by CEO Pavel Durov.
Telegram's revenue spike was also supported by a one-time deal, which made Toncoin the exclusive method for small businesses to purchase ads on the platform, although the deal ended in October. Additionally, premium subscriptions and advertising revenues nearly quadrupled and doubled, respectively, in the first half of 2024.
However, the company’s success is overshadowed by legal issues. Durov, who was arrested in France in August on charges of complicity in child pornography distribution, drug dealing, and money laundering due to Telegram's alleged lax moderation policies, was later released on bail. Despite the charges, Durov denied the accusations and confirmed that Telegram had been cooperating with authorities in various countries to disclose criminal activity.
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