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Bloomberg cites unnamed sources in this report about how much ad revenue has dropped for the platform formerly known as Twitter as its CTO continues to drive advertisers away, saying it’s on track for $2.5 billion this year despite internal targets for $3 billion.
X generated a little more than $600 million in advertising revenue in each of the first three quarters of the year, and is anticipating a similar performance in the current period, according to a person familiar with the numbers. That compares to more than $1 billion per quarter in 2022.
The X head of business operations, Joe Benarroch, is quoted disputing the figures, claiming the sources “are not providing accurate and comprehensive details... We are not Twitter any longer and not measuring ourselves by old Twitter metrics — both in revenue and user metrics.”
