What's Hot

    Kolkata is now served daily by Etihad Airways

    March 27, 2023

    With Trust International acquisition, Edge strengthens defence and technology portfolios

    March 27, 2023

    Indian space program places 36 satellites in their intended orbits

    March 27, 2023
    Facebook Twitter Instagram
    Trending
    • Kolkata is now served daily by Etihad Airways
    • With Trust International acquisition, Edge strengthens defence and technology portfolios
    • Indian space program places 36 satellites in their intended orbits
    • The third largest fish producer in the world, India accounts for 8 percent of global production
    • First A380 service to Bali to be launched by Emirates
    • An oasis of tranquility for the diverse Abu Dhabi community – Abrahamic Family House
    • Globally, water pollution and sanitation are major problems – UN
    • A gold price peak may be near – and it may last
    • Home
    • Contact Us
    South Africa GazetteSouth Africa Gazette
    Monday, March 27
    • Automotive
    • Business
    • Entertainment
    • Health
    • Luxury
    • Lifestyle
    • News
    • Sports
    • Technology
    • Travel
    South Africa GazetteSouth Africa Gazette
    Home » 40 percent revenue drop at Twitter amid ad squeeze

    40 percent revenue drop at Twitter amid ad squeeze

    January 18, 2023
    Share
    Facebook Twitter LinkedIn Pinterest Email

    According to reports, Twitter continues to be in the midst of an advertising squeeze. This is because the social media platform has seen a 40% reduction in revenue after over 500 clients ceased spending on the platform. Twitter’s daily revenue was down 40% year-over-year, according to the tech newsletter Platformer, while the Information reported that more than 500 of Twitter’s top advertisers had halted spending since Musk bought it.

    Twitter’s main revenue source is advertising, which accounted for more than 90% of its $5.1 billion in revenue in 2021, but after the Tesla CEO’s $44 billion (£35 billion) acquisition, clients such as Audi and Pfizer have paused their advertising spend.

    Due to concerns about an increase in hate speech on the platform following its acquisition by a self-described “free speech absolutist”, advertisers have withdrawn from the platform in large numbers. The site has also suffered from a spate of impersonator accounts that flourished after a botched relaunch of its blue tick scheme.

    A senior Twitter manager told staff on Tuesday that revenue for the day was 40% lower than a year ago, according to the Information. Financial Times reports that Twitter is scheduled to make payments on its near-$13 billion debt burden as soon as the end of this month, with Musk considering options such as selling more of his shares in Tesla or even insolvency. Tesla shares worth more than $20 billion were sold by Musk last year in order to finance the deal with Twitter.

    As of December, Twitter faced a negative cash flow situation of $3 billion a year. However, after cost-cutting efforts, including the departure of more than 5,000 employees, the company should “roughly” reach cash flow break-even. The CEO also stated last month that Twitter is no longer on the fast track to bankruptcy, following his warning in the immediate aftermath of his takeover that Twitter was in danger of going out of business.

    Keep Reading

    Indian space program places 36 satellites in their intended orbits

    Meta Platforms will test a monthly subscription service

    Screens on Galaxy Z Fold 3 crack after warranty expires

    Spotify will reduce its workforce by 6 percent

    Amazon Web Services to invest $35 billion in Virginia data centres

    Powerful Macbook Pro M2 Pro and M2 Max with long-lasting battery

    Latest News

    Kolkata is now served daily by Etihad Airways

    March 27, 2023

    With Trust International acquisition, Edge strengthens defence and technology portfolios

    March 27, 2023

    Indian space program places 36 satellites in their intended orbits

    March 27, 2023

    The third largest fish producer in the world, India accounts for 8 percent of global production

    March 25, 2023

    First A380 service to Bali to be launched by Emirates

    March 24, 2023

    An oasis of tranquility for the diverse Abu Dhabi community – Abrahamic Family House

    March 24, 2023

    Globally, water pollution and sanitation are major problems – UN

    March 23, 2023
    © 2022 South Africa Gazette | All Rights Reserved
    • Home
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.