Last Updated: March 05, 2023, 09:44 IST
The firm had misplaced half of the highest 100 advertisers.
Musk mentioned final month that Twitter will instantly start sharing promoting income with creators “for ads that appear in their reply threads”.
Despite Elon Musk’s efforts to monetise Twitter, the micro-blogging platform reported a large 40 per cent drop in income and adjusted earnings for December 2022, the media reported on Saturday.
Several advertisers “ditched the social-media platform following Elon Musk’s takeover”, the Wall Street Journal reported, citing people familiar with the matter.
In an update to investors, Twitter reported a 40 per cent decline (year-over-year) in both revenue and adjusted earnings for December.
The company recently made a first interest payment to banks that lent $13 billion to help Musk buy Twitter.
Twitter did not comment on the report.
Musk had predicted in November that Twitter may go bankrupt. He fired thousands of employees and shut down offices across the world in order to cut expenditures.
The company had lost half of the top 100 advertisers in less than a month after the billionaire took office. Later, some advertisers returned to the platform.
Musk said last month that Twitter will immediately begin sharing advertising revenue with creators “for ads that appear in their reply threads”.
The Twitter CEO apologised for displaying too many irrelevant and annoying ads on the micro-blogging platform and mentioned that the corporate is taking corrective measures to enhance the algorithm.
“Sorry for displaying you so many irrelevant & annoying advertisements on Twitter! We’re taking the (apparent) corrective motion of tying advertisements to key phrases and subjects in tweets, like Google does with search. This will enhance contextual relevance dramatically,” he had posted.
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(This story has not been edited by News18 workers and is printed from a syndicated information company feed)
