Telegram’s Revenue Soars in H1 2024

AI Summary

Telegram’s revenue soared in the first half of 2024, driven by a one-time advertising deal, indicating the company’s strong financial performance and potential for future growth.

According to BlockBeats, financial documents reveal that Telegram’s revenue reached $525 million in the first half of 2024, a 190% increase compared to the same period in 2023. A large portion of that revenue, $225 million, came from a one-time advertising deal on Toncoin. Telegram’s digital asset value has seen a significant increase, rising from nearly $400 million at the end of last year to $1.3 billion by mid-2024.

The documents indicate that nearly half of the revenue came from a one-time deal with an undisclosed organization. Under the terms of the deal, Telegram was compensated for allowing the Toncoin cryptocurrency to be the exclusive payment method for small businesses buying ads on the platform. The exclusive deal was signed on October 1. Telegram reported an after-tax profit of $335 million in the first half of this year. This performance contrasts with the company’s full-year 2023 financial results, which recorded $342 million in revenue.