In the first half of 2024, the messaging app Telegram achieved significant profits from cryptocurrency operations. According to financial data obtained by the Financial Times, the appreciation of the company's digital assets, primarily from the sale of Toncoin (TON), provided a financial cushion amid Pavel Durov's legal challenges.
Reports indicate that in the first six months of 2024, the company's revenue reached a record $525 million, marking a 190% increase compared to the same period last year. Net profit amounted to $335 million, significantly surpassing 2023 figures, where annual revenue was $342 million with losses of $173 million.
The report also notes that Telegram significantly boosted income from subscriptions and advertising, which amounted to $119 million and $120 million respectively, compared to $60 million and $32 million in 2023.
Nearly half of the revenue — $225 million — came from a one-time deal granting Toncoin exclusive rights as the payment method for small business advertising within the app. However, this agreement was later terminated, according to the documents.
The report also reveals that Telegram plans to continue monetization through advertising and premium subscriptions and is considering a public stock offering (IPO) by 2026. The company is also enhancing content moderation measures and cooperation with judicial authorities to ensure legal compliance.
In August, Telegram founder Pavel Durov was detained by French authorities on charges related to alleged inaction against criminal activities on the platform. However, the company assured investors that this incident did not significantly impact its operational activities.