Twitter Communications India, the India arm of Elon Musk-owned X Corp. USA (formerly Twitter Inc.), has turned profitable In FY23 with a net profit of INR 30 Cr.
With this, the global social media giant’s India business has covered up its losses for the last fiscal (FY22) wherein it generated a net loss of INR 32 Cr.
The company’s regulatory filings show that its operational revenue has increased by 32% to INR 208 Cr from INR 157 Cr in FY22. In FY21, the company reported a net profit of INR 8 Cr on a revenue base of INR 86 Cr.
Elon Musk took over the reigns of the company on October 27, 2022, after a $44 Bn acquisition. As his first order of business, he fired CEO Parag Agrawal and then, later on, almost 80% to 90% of the India team was handed over the pink slips, as reported.
At the time, sources also told Inc42 that India was not contributing significantly to Twitter’s bottom line despite being one of the largest markets for the social media platform by the number of active users (24.45 Mn).
In February 2023, X shut down its Delhi and Mumbai offices, a week after introducing its premium subscription service viz Twitter Blue for users in India. The subscription fee for Twitter Blue services for iOS and Android users in India is INR 900 per month. While, for web users, the subscription fee will be INR 650 per month.
On October 27, 2023, the company completed its first anniversary under the new owner and management.
According to a company’s blog post, several milestones have been achieved in the last year in areas such as freedom of expression, safety, partnerships, user base, building communities, and adding features such as messaging and calling among others.
“This product innovation and business momentum stands on the shoulders of one of the most rigorous corporate restructurings in history. We are rebuilding our team and leadership to reflect the evolving needs of our customers and partners,” the blog added.
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