Twitter Inc reported a decline in earnings and adjusted earnings of about 40 percent year-over-year for December, the Wall Street Journal reported on Friday, citing a source familiar with the matter.
The report comes as some advertisers cut spending on social media platforms after Elon Musk acquired the company on Oct. 27, resulting in a 71% drop in ad spend on Twitter in December, according to advertising research firm Standard The Media Index.
Twitter did not immediately respond to a request for comment from Reuters.
Musk, who warned of Twitter’s potential bankruptcy in November, said in December that the company was on track to become “cashless” by 2023.
Twitter made its first interest payment in January on a loan the bank provided to fund billionaire Musk’s purchase of the social media company last year.