Twitter lost nearly 60% of US ad revenues year over year – NYT
- June 6, 2023
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Twitter’s ad sales in the United States fell 59%, and the company’s internal estimates show further declines. As reported by Ukrinform, this was stated in the New York
Twitter’s ad sales in the United States fell 59%, and the company’s internal estimates show further declines.
As reported by Ukrinform, this was stated in the New York Times post on Monday.
The social network’s revenue from ads in the US for the five weeks from April 1 to the first week of May totaled $88 million, 59% less than a year ago. According to an internal document obtained by the publication, the company falls short of its weekly sales forecasts, sometimes by up to 30%.
Twitter forecasts US ad revenue to fall at least 56% each week this month from last year.
These issues are now being addressed by Linda Jaccarino, Twitter’s newly appointed CEO, who took office on Monday.
Some of the biggest advertisers, including Apple, Amazon and Disney, have drastically reduced their ad spend on Twitter.
Advertising executives working with Twitter said their customers continue to limit spending, citing confusion over changes brought to the service by owner Elon Musk and the presence of misleading and toxic content on the platform.
Advertisers are also concerned about Musk’s controversial tweets.
Advertising on Twitter generates 90% of all revenue for the company.
Source: Ukrinform
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