Telegram received its first profit of $540 million and is preparing to issue bonds
Pavel Durov's Telegram turned a profit for the first time in 2024, earning $540 million. The company ended 2023 with a loss of $173 million. This was reported by the Financial Times with reference to the company's presentation to investors.
According to the presentation, the company's revenues reached $1.4 billion in 2024, compared to $343 million a year earlier.
Half of this revenue came from so-called "partnerships and ecosystems," another $292 million from premium subscriptions, and $250 million from advertising.
"Partnerships and ecosystems" are mainly related to developers creating their own so-called "mini-apps" directly on Telegram in areas such as commerce and gaming.
A significant portion of the revenue comes from developing an ecosystem based on the TON blockchain, which is tightly integrated into Telegram. Through it, users can pay for services in mini-apps, buy advertising, and use the Toncoin cryptocurrency.
According to investor documents, Telegram plans to reach $2 billion in revenue in 2025, a 46% increase from the previous year. The company also aims to reach $720 million in profit next year.
According to the newspaper's sources, the company shared profits with potential investors ahead of launching a bond issue worth about $1.5 billion to buy back existing debt.
Under the terms, investors will receive the right to buy back shares at a 20% discount if Telegram goes public.
The debt sale, which began on Tuesday, May 20, could be completed as early as next week.
According to the documents, Telegram has issued bonds worth about $2.4 billion over the past four years. Between September and December 2024, the company repurchased bonds worth $375 million.
- On August 24, 2024, Telegram founder and CEO Durov was detained at a French airport. In the afternoon, the Russian embassy requested consular access to the detainee.
- After his detention, the company said that Durov had nothing to hide, and that accusations that the platform and its owner were responsible for abuses that may occur on it were absurd. The Telegram CEO himself said that the accusations brought by the French authorities surprised him.
- On March 17, 2025, Durov returned to Dubai with the permission of the court.
- On May 19, Durov said that the head of France's Directorate General for External Security (DGSE), Nicolas Lerner, had asked him to "limit the activity of conservative voices" in Romania ahead of the presidential election.
