Twitter’s revenue, adjusted earnings drop about 40% in December

The report comes after several advertisers slashed their spending on the social-media platform after Elon Musk took charge of the company on October 27, resulting in a 71% drop in advertising spend on Twitter during December.

The report comes after several advertisers slashed their spending on the social-media platform after Elon Musk took charge of the company on October 27.

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Twitter Inc reported a drop of about 40% year-over-year in both revenue and adjusted earnings for the month of December, the Wall Street Journal reported on Friday citing people familiar with the matter.

The report comes after several advertisers slashed their spending on the social-media platform after Elon Musk took charge of the company on October 27, resulting in a 71% drop in advertising spend on Twitter during December, data from advertising research firm—Standard Media Index showed.

Twitter did not immediately respond to a Reuters request for comment.

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Musk, who warned in November about the possibility of the Twitter going bankrupt, said in December that the company was on track to be “roughly cash flow break-even” in 2023.

Twitter made its first interest payment in January on a loan that banks provided to help finance billionaire Musk’s purchase of the social media company last year.