Revenues down 35% for Twitter in the last quarter of 2022. According to reports from The Information, citing sources close to the company, the management of the social network owned by Elon Musk hopes to reach 732 million in revenues in the first three months of the year, a level which, if confirmed, would mark a drop of 40% compared to the same period last year.
The drop in turnover is mainly attributable to the collapse in advertising revenue, driven by the stop to sponsorships decided by 500 of the social network’s major advertisers.
I study
Social networks aren’t dying, but they’re shrinking
by Andrea Daniele Signorelli
The flight of advertisers appears to be hitting Twitter harder than other social networks. After the purchase by Musk, who took control of 100% of the social media share package in October, the social network was delisted from the American stock exchange. Twitter therefore no longer has the obligation to publish its data. And he doesn’t respond to press rumors.
Also The Information today published another news from internal sources: there would be 500 advertisers who have suspended their advertisements on Twitter since Musk took possession of them. The company’s revenue decline was first reported on Tuesday by the Platformer newsletter, run by Casey Newton.
I study
Social networks aren’t dying, but they’re shrinking
by Andrea Daniele Signorelli
The flight of advertisers, according to the American media, would above all be a response to the billionaire’s dismissal of thousands of employees. But above all a reaction to the introduction of a paid verification function (the blue check for eight dollars a month) which has led several fake profiles to pretend to be companies on Twitter.