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Despite its goal of achieving profitability next year, the company continues to face challenges.
During the Vox Media Code conference on Wednesday, Linda YaccarinoCEO of X (formerly Twitter), confidently said the company is on track to achieve profitability as early as 2024. The optimistic outlook follows the company’s determined efforts to rebuild its reputation and win back advertisers that had previously turned away due to content-related concerns.
Yaccarino announced on stage, “Now that I’ve immersed myself in the business, and we have a good look at what’s predictable, it’s looking like we’ll turn a profit in early ’24.” Code conference.
X regains 90% of advertisers on the platform
If realized, the anticipated financial milestone would be a significant achievement for the social media giant, which had struggled to generate annual profits during its first 13 years. Yaccarino’s positive comments are in line with his consistent comments since taking over the CEO role in May.
In an August CNBC interview, he indicated that X was approaching “breakeven” in terms of operating run rate. Additionally, a leaked memo from Yaccarino in July revealed that X’s user engagement had reached an all-time high. During the Code Conference, he further said, “90% of the top 100 advertisers have returned to the platform, and in the last 12 weeks alone, nearly 1,500 more have returned.”
It is worth remembering that Yaccarino worked as the Chief Advertising Officer at NBCUniversal before his appointment as X CEO. Billionaire tech mogul Elon Musk had expressed confidence that he would help bring advertisers back to the social media platform. This month, Musk revealed that advertising revenue was down 60%.
Yaccarino:X is a refreshing company
Joel Roth, former head of trust and security at Twitter, also shared his thoughts at the Code Conference. He expressed confidence that although having Yaccarino on board is a positive development, it may have limitations in fully restoring the trust of brands.
“Having a proper, permanent, respected executive is a good thing. But for advertisers to come back, they will need proof of progress on security that Twitter can’t provide, Roth stressed.
Yaccarino responded to Roth’s comments by saying that Twitter operated under different principles during Roth’s tenure. He highlighted that X is a new company focused on promoting freedom of expression. Additionally, Yaccarino disputed the perception that X was unwelcoming of advertisers.
X faces ongoing controversies
Despite its goal of achieving profitability next year, the company continues to face challenges. The social media platform recently downsized its credibility, security and election integrity teams. Additionally, X filed a lawsuit against a research organization that found harmful content on the site.
earlier this month, Elon Musk Threatened to sue the Anti-Defamation League (ADL) over declining US advertising revenues.
In response to these challenges, X has actively sought solutions to address content-related concerns. The company has collaborated with independent firms to evaluate the content posted on its platform.
Despite recent workforce adjustments, the company remains steadfast in its commitment to maintaining the integrity of elections. The San Francisco-based firm continues to actively combat anti-Semitism, underscoring its dedication to promoting a safe online environment.
Chimamanda is a crypto enthusiast and experienced writer who focuses on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed her interest in emerging economies. She combines her passion for blockchain technology with her love for travel and food, bringing a new and engaging perspective to her work.
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