President Donald Trump’s social media company reported a loss of $238m (£176m) between April and June as it branched into ventures unrelated to media, including cryptocurrencies.

The quarterly loss is more than 10 times the amount reported during the same period a year earlier, according to the Trump Media and Technology Group, which owns the President’s Truth Social platform.

The firm says it will refocus on its social media mission, which includes a controversial service that offers faster access to market-moving posts from the platform’s most influential users.

The group’s interim chief executive officer Kevin McGurn said on Monday that more than 10 customers have signed up for the service.

The BBC has contacted Trump Media and Technology Group for further comment.

The company posted $1.7m in revenue, which it said is up 89% from the same period a year before, but suffered overall loss due to the drop in cryptocurrencies.

It added that it closed the second quarter with total assets of $2bn and financial assets of about $1.9bn, which includes cash, short-term investments and digital currencies.

The group has yet to turn a profit, even as it expands into areas including cryptocurrency holdings and clean-energy investments.

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