Twitter India registers 82% jump in revenue in FY 2021-22

Twitter India has released its FY 2021-22 earnings, amid all the hullabaloo created by its new owner Elon Musk, whose drastic decisions have made worldwide headlines.

Twitter India has witnessed an 82% jump in revenue. The company has registered Rs 157 crore for the financial year 2021-22. The company also reported a net loss of Rs 32 crore during the period. The total expenses during the period were Rs 182 crore.

“Twitter Communications India's operating revenues range is INR 100 cr - 500 cr for the financial year ending on 31 March, 2022. It's EBITDA has decreased by -242.69 % over the previous year. At the same time, it's book networth has increased by 38.63 %,” said Tofler.

Elon Musk has come up with many changes, which are poised to disrupt the way Twitter has been functioning until now. Musk has culled almost half the 7,500-strong workforce; he had also made the coveted Twitter Blue tick service a payable ($7.99 per month) service.

There is a ripple effect, with advertisers already treading cautiously. Leading brands like General Mills, General Motors, and the Volkswagen Group, which combined accounted for over $6Bn in global advertising spend in 2021, have taken a break from Twitter.