Telegram announced an annual profit of $540 million after previous failures and amid legal problems - FT
Kyiv • UNN
Telegram's profit in 2024 reached $540 million, and revenues increased to $1.4 billion. This happened despite lawsuits against Pavel Durov in France due to the position of the administrative team and content.
Telegram's profit jumped $540 million last year as the messaging app delivered rapid business growth last year, despite its founder Pavel Durov's legal troubles with the French government and claims from a number of other countries. This is reported by the Financial Times, reports UNN.
Details
Telegram management, based in Dubai, told investors that revenue reached $1.4 billion in 2024, significantly more than the $343 million financial result in 2023. From a loss of $173 million in 2023, the company moved to its first annual profit.
According to people familiar with the situation, the record revenues were shared with potential investors before Telegram launched a bond offering of approximately $1.5 billion to redeem existing debt. The debt sale, which began on Tuesday, could be completed as early as next week.
The results show that Telegram's financial performance has grown in part due to a surge in the growth of paid users, and also thanks to profits from cryptocurrency assets.
The growth is happening despite doubts about the company's future after the detention of its founder by the French authorities in Paris in August last year.
Durov, who was born in Russia but now has citizenship in France and the United Arab Emirates, is accused of the admin team's unwillingness to fight crime, including child abuse, and terrorism, which widely use the platform to plan and commit crimes. The case could end in imprisonment.
Let us remind you
The founder of Telegram stated that the French intelligence services asked to block conservative voices in Romania on the eve of the elections. Durov refused, emphasizing the neutrality of the platform.