Microblogging Platform Logs Loss Of About Rs 32 Crore In FY22

Microblogging Platform Logs Loss Of About Rs 32 Crore In FY22

Microblogging platform Twitter’s Indian arm recorded a loss of around Rs 32 crore in the financial year which ended on March 31, 2022, according to documents sourced by business intelligence platform Tofler.

According to a report by the PTI, Twitter India, which recently laid off over 160 employees, had posted a profit of Rs 7.76 crore in the financial year 2020-21. According to the document, employee expenses of the company had jumped over threefold to Rs 136.81 crore during the reported financial year from Rs 43.25 crore in 2020-21.

Twitter India’s revenue, however, jumped by about 82 per cent to Rs 156.75 crore in FY22 from Rs 86.36 crore in the preceding financial year.

The social media platform will roll out the much-debated paid subscription for Twitter Blue after a bit of delay and is likely to cost Rs719 per month.

Twitter Blue has been already been made available for users in Australia, Canada, New Zealand, the United States, and the United Kingdom. The subscription has been released for iOS devices including iPhones and iPad.

In India, users have started reacting to the prompts received for Twitter Blue subscriptions even as the pricing is yet to be released officially. Going by the reactions of those few receiving the prompts, the price of Twitter Blue in India appears to be higher than that in the US.

Twitteratis have already started reacting sharply to Rs719 per month, which translated to $8.93, higher than the usual $8 being charged in other countries.

Meanwhile, Elon Musk, the new chief of Twitter, raised concern about a possible bankruptcy at a time when the social media platform also received a warning from a US regulator amid the exit of senior executives who were seen as future leaders.

The billionaire entrepreneur conveyed to Twitter employees on a call that he could not rule out bankruptcy, reported Bloomberg News. This comes after two weeks Musk acquired the social media platform for $44 billion, a deal that credit experts believe has left the company in a difficult financial position.

Some executives, including Yoel Roth and Robin Wheeler, have resigned. They had apparently moderated a Twitter Spaces chat with Musk as he tried to address advertisers’ concerns, according to the Reuters report.

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