Last Update: March 05, 2023, 09:44 AM IST
The company had lost half of its top 100 advertisers.
Musk said last month that Twitter would begin sharing ad revenue “immediately for ads that appear in creators’ reply threads”.
Despite Elon Musk’s efforts to monetize Twitter, the micro-blogging platform reported a massive 40 per cent drop in revenue and adjusted earnings for December 2022, the media reported on Saturday.
The Wall Street Journal, citing people familiar with the matter, reported that many advertisers “abandoned the social-media platform following Elon Musk’s acquisition”.
In an update to investors, Twitter reported a 40 percent decline (year-over-year) in both revenue and adjusted earnings for December.
The company recently made the first interest payment to the banks that loaned it $13 billion to help Musk buy Twitter.
Twitter did not comment on the report.
Musk predicted in November that Twitter could go bankrupt. He laid off thousands of employees and closed offices around the world to cut costs.
The company had lost half of its top 100 advertisers less than a month after the billionaire took over. Later, some advertisers returned to the platform.
Musk said last month that Twitter would immediately begin sharing advertising revenue with creators “for ads that appear in their reply threads”.
Twitter CEO apologized for showing too many irrelevant and disturbing ads on the micro-blogging platform and said the company is taking corrective measures to improve the algorithm.
“Sorry for showing you so many irrelevant and annoying ads on Twitter! We are taking the (apparent) corrective action of linking ads to keywords and topics in Tweets, just like Google does with search. This has dramatically increased contextual relevancy.” Will improve,” he posted.
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)