A Twitter ad executive reportedly told employees that Q4 revenue fell 35% from a year earlier
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- Twitter's revenue for the fourth quarter of 2022 fell by 35%, according to a report by The Information.
- The company's daily revenue on Tuesday was 40% lower than the same day a year ago.
- One of the major factors affecting the platform's revenue is its revamp of Twitter Blue.
The numbers appear to be in. Since Elon Musk took over Twitter, the company's financials have taken a hit.
The company's fourth-quarter revenue fell by about 35% year over year, The Information reported Wednesday, citing comments that a top ad executive at the company named Chris Riedy made at a staff meeting.
Twitter brought in $1.025 billion in revenue, which was just 72% of the company's internal goal for the quarter, The Information reported, based on a slide that Riedy showed to employees.
Before Musk took over Twitter in October 2022, the company's revenue was 98% of its initial projections, Riedy said at the meeting, according to The Information.
As of Tuesday, the company's daily revenue was 40% lower than it was that day over a year ago, The Information reported. If that trend holds, the company's first-quarter revenue might fall to around $720 million, The Information said.
However, Twitter is aiming a little higher, hoping to generate $732 million in revenue for the first quarter of 2023, according The Information's report of Riedy's comments. Musk's goal is prevent ad revenue from falling further. Since he took over, more than 500 of the platform's top advertisers have left, The Information reported.
The company's initial redesign of its subscription tier Twitter Blue, led to a host of fake accounts infiltrating the platform, and is likely one of the factors that has hampered ad revenue.
Twitter didn't immediatly respond to Insider's request for comment.