[ad_1]
X’s revenue in India fell 89.8% to $2.51 million in the fiscal year ended March, according to regulatory filings from the Elon Musk-owned social media network.
The filing revealed that the company, which had revenue of $24.7 million in the previous financial year, also significantly reduced its expenses in India to $2.2 million from $20 million year-on-year.
Despite the significant decline in revenue, the Indian unit managed to make a profit of $380,000 for the fiscal year ending in March, down from $3.62 million the previous year.
Musk had previously identified India as a key market for Twitter. In a previous lawsuit filed by Musk against Twitter, he said that he believes India is the company’s third largest market.
It is still unclear why X’s revenues have declined so dramatically in the country, but it coincides with widespread domestic and global layoffs. This downturn also reflects the platform’s global struggles to retain advertisers.
X did not immediately respond to a request for comment.
[ad_2]