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X has not been faring well in the U.K. , which used to be a major source of revenue for the social web prior to Elon Musk ’s putsch .
Still named Twitter UK Ltd , revenues and profits for X ’s U.K. entity break by over 60 % in 2023 , according to accounts file this workweek with the U.K. ’s Companies House .
The company assign the decline in revenues to depleted advertising spending on the platform as a result of concerns over “ brand rubber and/or depicted object moderation,”reported The Guardian .
Overall revenue drop 66.3 % to £ 69.1 million ( $ 91.6 million ) in 2023 from £ 205.3 million ( $ 272.3 million ) a year earlier . earnings dropped to £ 1.2 million ( $ 1.6 million ) from £ 5.6 million ( $ 7.4 million ) in the same full stop .
The company said it “ continues to take corrective measures to build blade safety tools , invest in platform safety and subject matter relief , and then educate advertiser about these initiatives , ” per the account .
Musk ’s arrival also led to a wave of redundancies in the U.K. office , mirroring his cut to U.S.-based staff . Employee numbers in the U.K. fell to 114 in 2023 from 399 the premature year .
