Recent reports reveal that Twitter's Q4 revenue dropped almost 35% year on year to $1.02 billion.
The rising inflation and Russia's invasion of Ukraine significantly affected the revenues of the platform.
Experts believe that the platform is also being affected by the ongoing bear market in the crypto industry.
Twitter global sales and marketing manager Chris Riedy revealed in a staff meeting that the platform generated revenue of $1.025 billion over the three-month period or 72% of its internal objective for the quarter.
Riedy told local media outlets that Twitter has set a revenue target of $732 million for the first quarter of this year. This figure represents a 39% drop from the same time last year.
Several challenges, including inflation and Russia's invasion of Ukraine, as well as the troubled rollout of an updated Twitter Blue membership service, affected the revenues of the platform significantly.
However, experts believe that the platform is also being affected by the ongoing bear market in the crypto industry. They stated that Musk has long been a proponent of cryptocurrencies, resulting in another factor affecting the platform's revenues.
As everyone knows, the crypto community is eagerly awaiting the rollout of a payment solution that accepts digital currencies following Musk's acquisition of the platform. But the development never came into work, affecting the sentiments of the broader crypto Twitter community.
After that, several crypto-related incidents took place on the platform, resulting in users opting for an alternative. After the fallout of the crypto exchange FTX, the social media platform became a source of contention in the crypto community.
This indicates that the crypto industry significantly affected the projected revenues of the platform. Meanwhile, reports also reveal that the platform is also considering additional layoffs of its global workforce to reduce expenses.
What are your thoughts on the social media platform's plummeting revenues? Do you think the platform will suffer additional losses in the times to come? Please share your valuable thoughts in the comment section below.
Also read: Ripple CEO Says FTX Not A Crypto Problem At Davos 2023
