Twitter's India unit goes negative in FY22; revenue increases 82%

Despite experiencing considerable growth in operational revenue, Twitter's India division experienced losses during the fiscal year that ended on March 31, 2022. This was due to a more than threefold increase in employee benefit costs. Following the US midterm elections, Twitter has published its report, but news about the company is still making its way around the world.

For the fiscal year 2021–2022, Twitter Communications India Private Limited reported revenues of Rs 157 crore, an increase of 82% from the previous fiscal year, according to Tofler.

"The business also disclosed a net loss for the same fiscal year of Rs 32 crore. During the fiscal year, the company reported having spent a total of Rs 182 crore."

Elon Musk, the CEO of Tesla, presently owns the social networking company after completing the $44 billion deal to take it private on October 27. These financials were made public not long after Elon Musk took over the company, drastically cutting the number of employees, 90% of whom were based in India.

The majority of its employees in India were let go as a result of the subsequent layoffs earlier this month.

A number of modifications, like paying for the renowned blue tick on the site, reviewing banned accounts, and others, have been proposed or adopted by Musk.

As Musk continues to shape policy, advertisers continue to play it safe, and several large firms have suspended their website advertising for further developments.

It's important to note that these revenue figures don't represent the company's sales earnings; rather, they show the money made from providing support services to Twitter's group companies.

The company included these in the filing, along with services to support research and development (R&D) assignments, programmes, and projects. These include marketing support and user support services to create, maintain, and grow the internet user base and potential advertisers in India.