Elon Musk's social media platform 'X' has achieved revenue growth under the costly transformation
On December 13, it was reported that the sales of Elon Musk's social media platform 'X' saw a significant increase in the third quarter, but the company is still dealing with substantial cost issues, including restructuring. According to insiders, 'X' achieved revenue of $752 million in the three months ending September 30, an increase of over 17% compared to the same period last year, while in the first nine months of this year, 'X' surpassed $2 billion in sales. However, insiders said that 'X' has been struggling with high costs for most of this year, including restructuring expenses, which led to a net loss of $577.4 million in the third quarter. Despite the significant losses, there are signs that the company is stabilizing after the initial turmoil caused by Musk's acquisition that immediately led to a decline in business. A measure of profit, EBITDA, was approximately $454 million in the third quarter, a year-on-year increase of 16%.
