Technology
The documents show that X’s revenues in India dropped by 90%.
X’s revenue in India fell 89.8% to $2.51 million in the fiscal 12 months ending in March, in response to regulatory documents filed by Elon Musk’s social network.
The company, which reported revenue of $24.7 million in the previous fiscal 12 months, also significantly reduced its spending in India to $2.2 million from $20 million year-on-year, documents show.
Despite a dramatic drop in revenue, the India unit managed to post a profit of $380,000 for the fiscal 12 months ending in March, down from $3.62 million the previous 12 months.
Musk had earlier identified India as a key marketplace for Twitter. In Musk’s earlier lawsuit filed against Twitter, he said he believed India was the corporate’s third-largest market.
It’s unclear why X’s revenues in this country have fallen so dramatically, but it surely coincides with widespread layoffs locally and globally. The downturn also reflects the platform’s global efforts to retain advertisers.
X didn’t immediately reply to a request for comment.