In October 2024, Telegram announced in a statement to investors that the arrest of Pavel Durov had not had a significant impact on Telegram's business. The company says that it is supported by the increase in the value of crypto assets owned by Durov. According to the Financial Times, based on the company's financial report, the value of Telegram's crypto assets increased from $400 million at the end of 2023 to $1.3 billion in the first half of 2024. This increase, as well as the proceeds from the sale of Toncoin, allowed the company to build a "financial reserve".
In the first half of 2024, the company received $353 million from the sale of crypto assets, and later sold $348 million worth of the digital currency. The report also notes that Telegram "holds a significant amount of Toncoin and is exposed to its price fluctuations".
According to the report, Telegram's revenue in the first half of 2024 was $525 million, which is a 190% increase compared to the same period in 2023. Half of the revenue, or $225 million, was generated from an agreement with an unnamed company. As part of this agreement, Telegram received a "bonus" in exchange for making Toncoin the exclusive currency used only for buying advertising. However, this agreement was terminated on October 1, 2024.
Advertising revenue doubled compared to the previous year to $120 million, while Premium subscription revenue increased from $32 million to $119 million. The company's half-year profit amounted to $335 million. For comparison, in 2023, total revenue was $342 million and operating loss was $108 million. As the Financial Times noted, Telegram is "moving towards its first annual profit."
