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X (formerly Twitter) reported total annual revenue of Rs 21.16 crore for FY23-24 in the Indian market, a significant decrease of 89.81 per cent from Rs 207.69 crore in FY 2022-23. Profit after tax also saw a sharp decline of 89.56 per cent, falling to Rs 3.18 crore from Rs 30.45 crore in the previous fiscal year, according to financial data from Tofler.
In FY24, the company’s employee benefit expenses totaled Rs 6.20 crore, a dramatic decline of 95 per cent from Rs 130.10 crore in FY23. Salaries and wages for the year amounted to Rs 5.75 crore, down approximately 92.85 per cent from Rs 80.38 crore in FY23. This significant reduction was attributed to layoffs in the ad sales teams and the retreat of global brands from the platform, partially due to ongoing disputes with Musk.
Elon Musk acquired Twitter on October 27, 2022, for approximately $44 billion. The acquisition followed months of negotiations and disputes, including Musk’s concerns about spam accounts. After navigating legal challenges, he finalized the deal, resulting in major changes to the company’s leadership, policies, and workforce.
Research by the marketing insights and analytics company Kantar has found that marketer confidence in X (formerly Twitter) has declined significantly over the past year, driven by brand safety concerns and poor perceptions around innovation and trust. Kantar’s findings reveal that a net 26 per cent of marketers plan to reduce ad spend on X in 2025, marking the largest recorded pullback from any major global ad platform.
Marketers’ trust in ads on X, which has historically been low, has decreased further under Musk’s leadership, dropping from 22 per cent in 2022 to 12 per cent in 2024. Only 4 per cent of marketers believe that ads on X provide brand safety, compared to Google, which ranks highest for brand safety at 39 per cent.
- Published On Oct 24, 2024 at 08:47 PM IST
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