Musk had said in November 2022 that Twitter was losingMusk said on Tuesday Twitter cut non-debt expenditures to $1.5 billion from a projected $4.5 billion in 2023 — in part, by cutting its cloud services bill by 40% and by shutting one data center. The company also faces annual interest payments of about $1.5 billion on the $13 billion debt incurred for the acquisition deal, he added.
Twitter doesn't release its earnings publicly anymore because it's a private company. It reported a 2% increase in advertising revenues to $1.08 billion for the— which was the company's last earnings release before Musk's acquisition. Despite the rise, the ad revenues missed Wall Street expectations of $1.22 billion, per Refinitiv. Twitter also posted a net loss of $270 million in the quarter, reversing a $65.6 million profit in the same period a year earlier.