Twitter continues to record very sharply declining revenues.
The social network, already financially fragile for several years, has become a real abyss of liquidity since its takeover by Elon Musk. And despite the efforts, the situation is not yet restored, as new figures show us.
Twitter still in blazing red
Money is the sinews of war. But, this is currently what Twitter lacks the most. For a few months and its acquisition by Elon Musk, the blue bird has not ceased to be in search of this rare commodity, multiplying initiatives to earn it… or save it. Thus, if Twitter Blue has become a paid subscription for all, and political advertising again authorized in the United States, the firm has also laid off a lot, in order to save money.
Unfortunately for the microblogging platform, its finances are still in the red, despite investors returning lately. Because according to inside sources who spoke to the wall street journalTwitter’s revenue was down 40% year-on-year last December.
See you at the end of 2023
Figures which should alert within the company, whose sources of potential savings have been greatly reduced after the various waves of layoffs. Yet, after acknowledging Twitter’s disastrous financial situation, Elon Musk rightly asserted at the end of last year that his firm should achieve ” balance in terms of cash flow in 2023.
For the moment, the initiatives of the new management to fill the coffers are not really crowned with success. Twitter Blue in particular, which was to be one of the vectors of this revival, had, according to TheInformation, just under 300,000 subscribers two months after its launch. This represents an addition of 29 million dollars per year on the accounts of the company, or barely 1% of its annual income. In short, the coming months should still be complicated for the social network.
Source : Reuters, Slate
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