Twitter's India revenue falls by 90% due to massive job cuts

Documents filed by X (formerly Twitter) with Indian regulators revealed that its revenue in the Indian market for the fiscal year April 2023 to March 2024 fell by nearly 90% year-on-year.

Elon Musk's X hit by 90% revenue plunge in India | TechCrunch
https://techcrunch.com/2024/10/23/xs-india-revenue-falls-90-filing-shows/

Elon Musk's X India struggles with a 90% decline in revenue in FY24
https://entrackr.com/news/elon-musks-x-india-struggles-with-a-90-decline-in-revenue-in-fy24-7352111

Elon Musk-Owned X's Revenue, Profit Decline 90% In FY24
https://www.ndtvprofit.com/business/elon-musk-owned-x-indias-revenue-profit-decline-90-in-fy24

India, with a population of over 1.4 billion, is one of X's major markets, but X reported in documents filed with regulatory authorities that its revenues have declined significantly. Operating revenues in India for the fiscal year from April 2022 to March 2023 (FY23) were 2,077 million rupees (approximately 3,748 million yen), but for the fiscal year from April 2023 to March 2024 (FY24), they were 212 million rupees (approximately 383 million yen), a decrease of 89.8%.

Meanwhile, expenses also fell from Rs 1,683 crore in FY23 to Rs 187 crore in FY24. As a result, profits fell from Rs 304.4 crore in FY23 to Rs 31.8 crore in FY24, but X's Indian division is still barely in the black.

X has not explained the reason for the significant decline in revenue, but foreign media speculate that it may be due to X's large-scale workforce reductions in India in November 2022.

After Musk acquired Twitter, he implemented large-scale staff cuts around the world, including in India. Indian media Business Standard News reported that of the 230 Twitter employees who worked in India before the cuts, nearly 180 people involved in content curation, sales, communications, marketing and other areas were laid off.

Elon Musk's layoffs of Twitter employees result in mass layoffs in Japan, India, Ireland, etc. - GIGAZINE

The sharp decline in expenses in FY24 compared to FY23 also highlights the impact that the job cuts have had on X's Indian operations. TechCrunch noted that 'the downturn also reflects the platforms' struggle across the globe to retain advertisers .'

Entrackr, an Indian technology media outlet, said: 'The changing media landscape in India, with YouTube taking market share from almost every media category, is also making X less relevant for many accounts. For now, there seems to be no way out of declining revenue.'