Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Sunday, Dec 03, 2023

Twitter's Advertising Revenue Takes Significant Hit Amid Cost-Cutting Measures and CEO Change

Twitter's Advertising Revenue Takes Significant Hit Amid Cost-Cutting Measures and CEO Change

Twitter's advertising revenue has taken a significant hit since Elon Musk took over the company last year.
The tech billionaire, who bought Twitter for $44 billion, revealed in a recent interview that the social media platform has lost almost half of its advertising revenue since the acquisition.

Musk acknowledged that the company had not seen the expected increase in sales in June, but added that July was "a bit more promising." Musk's efforts to cut costs include laying off almost half of Twitter's 7,500 staff and cutting cloud service bills.

Despite these measures, Twitter is still struggling under a heavy debt load, and cash flow remains negative.

Musk has stated that the company needs to reach positive cash flow before they can focus on anything else.

The decline in Twitter's advertising revenue is a sign that the aggressive cost-cutting measures have not been enough to attract advertisers who fled after changes to the company's content moderation rules.

Despite Musk's interview with the BBC in April where he suggested that most advertisers had returned to the site, former head of partnerships at Snap and Meta, Meghana Dhar, said that the company was struggling prior to Musk's buyout.

Twitter's rival, Threads, owned by Meta, has 150 million users, according to some estimates.

This is a significant advantage for Threads, as it has automatic access to a potential two billion users through its in-built connection to Instagram.

Musk has appointed Linda Yaccarino, previously head of advertising at NBCUniversal, as the new CEO of Twitter.

This move suggests that advertising sales are still a priority for the company.

Yaccarino has stated that Twitter plans to focus on video, creator, and commerce partnerships.

The company is also said to be in early talks with political and entertainment figures, payments services, and news and media publishers.

Despite the struggles faced by Twitter, Musk remains optimistic about the company's future.

However, analysts are concerned about the company's financial situation, with Lucy Coutts of JM Finn stating that Musk has $13 billion of debt to pay by the end of July.

If Musk has to sell more of his st
Newsletter

Related Articles

Hong Kong News
Close
0:00
0:00
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
'I am not your servant': IndiGo crew member, passenger get into row over airline meal
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
BMW driver…
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
A Swift Disappointment: Why Is Taylor Swift Bypassing Canada on Her Global Tour?
×