Social Media X's revenue in India fell to $2.51 million, a sharp drop of 89.8%

Social Media X, formerly Twitter, saw its revenue in India fall 89.8 per cent to $2.51 million in the financial year ended March, according to regulatory filings by the Elon Musk-owned social networking company.

The company's revenue in the last fiscal year was $24.7 million, and its spending in India also dropped significantly to $2.2 million from $20 million a year earlier, the filing showed.

Despite the sharp drop in revenue, the India unit posted a profit of $380,000 in the year ended March, down from $3.62 million in the previous fiscal year.

Musk had previously considered India an important market for Twitter. In an earlier lawsuit filed by Musk against Twitter, he said he considered India to be the company's third-largest market.

It’s unclear why X’s revenue in India fell so sharply, but it coincides with widespread layoffs locally and globally. The decline also reflects the platform’s efforts to retain advertisers around the world.

X did not immediately respond to a request for comment.

From Chinese Industry Information Station