Twitter revenue, earnings reportedly fell 40% shortly after Musk buyout
Twitter’s revenue and adjusted earnings reportedly fell about 40 percent year over year in December 2022 amid an advertiser exodus following Elon Musk’s takeover.
Twitter no longer reports earnings publicly since Musk bought the company and took it private in late October. But Twitter reported the December 2022 revenue and earnings declines in an update to investors, according to “people familiar with the matter” cited in a Wall Street Journal report on Friday.
Many big companies cut advertising spending on Twitter shortly after Musk’s acquisition, largely over concerns about content moderation. Twitter offered special deals to advertisers throughout December 2022, but it wasn’t enough to prevent the 40 percent revenue and earnings declines.