X, the social network owned by Elon Musk, saw its revenue in India plunge 89.8% to $2.51 million for the financial year ending in March, according to regulatory filings. This marks a sharp decline from the $24.7 million the company earned in the previous fiscal year.
Alongside the fact that X’s revenue in India dropped, it significantly cut its operating expenses in the country. The company’s spending fell from $20 million to $2.2 million year-over-year, helping the Indian unit achieve a modest profit of $380,000, down from $3.62 million the prior year.
Elon Musk had previously emphasized India as a critical market for the platform, noting in past legal filings that it was the company’s third-largest market globally. However, the reasons behind this drastic dip in X’s revenue in India remain unclear. The period coincides with widespread layoffs both in India and globally, as well as X’s ongoing struggles to retain advertisers worldwide.
X has not yet responded to requests for further details regarding the situation.
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