Telegram, the popular messaging app, surged to a $540 million profit in 2024 despite ongoing legal challenges faced by its founder Pavel Durov, according to a company presentation seen by the Financial Times. The Dubai-based firm revealed revenues of $1.4 billion last year — a dramatic rise from $343 million in 2023 — marking its first annual profit after previously reporting a $173 million loss.
The strong financial results come as Durov confronts French authorities in a high-profile case concerning the app’s alleged failure to tackle illegal content, including child abuse and terrorism. Durov, who holds Russian, French, and UAE citizenship, was detained in Paris in August 2024 and faces potential prison time. He has denied wrongdoing, accusing French intelligence of politicizing the case.
Despite these challenges, Telegram’s growth has been fuelled by a rise in paying users and partnerships related to its Ton blockchain and Toncoin cryptocurrency. Around half of its 2024 revenues stemmed from its “partnerships and ecosystem,” with significant income from advertising and premium subscriptions.
Insiders told the Financial Times that Telegram plans to raise approximately $1.5 billion through a new bond offering intended to buy back existing debt. The bonds, offering a 9% yield, also grant investors the option to purchase shares in a potential future IPO at a discount. Telegram’s chief investment officer, John Hyman, indicated that an IPO could be on the horizon if market conditions improve, although the ongoing French investigation may pose a hurdle.
Telegram currently boasts over 1 billion monthly active users worldwide and operates with a lean staff of about 60, outsourcing much of its moderation work. The company has ambitious targets for 2025, aiming for $2 billion in revenue and $720 million in profit.
The company is also investing in artificial intelligence, highlighting a collaboration with Elon Musk’s xAI to integrate the Grok chatbot within Telegram. This partnership represents Grok’s first expansion beyond Musk’s own X platform.
Telegram declined to comment on the report.
