The company also launched Twitter Blue last year with the view of growing revenue.
Elon Musk-owned microblogging platform Twitter has reported about 40% year-on-year fall in both revenue and adjusted earnings in December, according to a report by the Wall Street Journal. The news comes on the heels of declining spending by advertisers on the American social media platform.
According to a report by Reuters, citing data from Standard Media Index, advertising spending on the platform declined by 71% in December, up from a fall of 55% in November. Fourteen of the top 30 advertisers on Twitter have completely stopped advertising on the microblogging platform following Musk’s acquisition in October, the media organization added.
Musk, who is also the head of the American electric car company Tesla, bought Twitter for $44 billion last year. Following Musk’s takeover, the Blue Bird has managed to garner regular headlines about its weakening content moderation policies, a surge in fake accounts, and re-activation of accounts of some controversial celebrities.
The company is also undergoing several legal proceedings relating to non-payment of rent for its offices and other services acquired by the company. It is no surprise that the social media company has been since reeling financially as it introduced several cost-cutting measures including laying off several of its employees.
The company also launched Twitter Blue last year with the view of growing revenue. Talking about India, the monthly Twitter Blue subscription cost users Rs 650 for the web and Rs 900 each for Android and iOS devices. Elsewhere, Musk said in January that the end of this year would be a good time to find a new head for the microblogging platform.