Linda Yaccarino, the CEO of X Company, recently spoke at the Code Conference, stating that “at the moment, we are in a period of adjustment with the company, and it looks like X will be able to turn a profit by early 2024.”
Although X Company had previously been striving to find ways to consistently generate profit, Yaccarino revealed to CNBC in August that X is now approaching breakeven in terms of operations. She also mentioned that there has been record-breaking levels of user engagement.
Yaccarino further presented on stage that 90% of the top 100 advertisers have returned to utilizing the platform in the past 12 weeks. Moreover, she emphasized that user activity on X has been steadily increasing since June. However, CNBC’s Julia Boorstin referred to data from app analytics firm Apptopia, indicating that X downloads have decreased by 30% in the past 2 months since rebranding from Twitter to X. This decline even extends to a decrease in website traffic.
In addition to cost-cutting measures such as reducing the employee count from 8,000 to approximately 1,500 and ongoing issues with unpaid compensation and outstanding office rent and service fees, X Company has faced various employee-related legal cases.
TLDR: Linda Yaccarino discussed X Company’s progress towards profitability at the Code Conference. She highlighted the return of 90% of top advertisers and increased user engagement. However, recent data suggests a decline in app downloads and website traffic. X has also faced employee-related challenges, including layoffs and unpaid compensation.