Twitter Communications India Private Limited’s revenues for the financial year 2021-22 saw a 82 per cent increase to ₹157 crore. The company reported a net loss of ₹32 crore during the same fiscal. Total expenses for the reporting fiscal were at ₹182 crore.
“The management believes that the Covid-19 pandemic has not had any material impact on the operations and financial position of the company during FY21 -22,” it said.
The company’s net worth grew to ₹45 crore in FY22, compared to net worth of ₹33 crore in FY21. Its employee expenses grew to ₹136 crore from ₹43 crore in the same time last year, according to financial data accessed by business intelligence platform Tofler.
The company reported a net loss of ₹3,184.24 lakh for the FY under review compared to the net profit of ₹776.21 lakh for the previous FY, owing to a cost of ₹4,431.07 lakh recorded towards the share-based compensation cost which is accounted and reported in conformity with the Indian accounting standards. The board is optimistic of the company’s business development in coming years.
Layoff in India
Recently, businessline had reported that the majority of Twitter’s 200-odd employees in India were fired as part of Elon Musk’s decision to lay off half of the company’s workforce globally, in an effort to cut down costs. Nearly all business verticals have been affected, and except for retaining a skeletal staff in sales, Twitter has laid off entire teams in marketing, communications and partnerships in its India office.