Musk: Twitter may be cash flow positive in the second quarter By Investing.com

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Musk: Twitter may be cash flow positive in the second quarter

Published Mar 08, 2023 09:07AM ET Updated Mar 08, 2023 09:16AM ET

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Musk: Twitter may be cash flow positive in the second quarter

By Scott Kanowsky

Investing.com -- Twitter owner Elon Musk has said the social media platform could be cash flow positive in the next quarter of this year following a string of cost saving measures that have helped offset an exodus of key advertising revenues.

Addressing a Morgan Stanley investor conference on Tuesday, Musk noted that Twitter's expenses were projected to come in at $3 billion per year after a series of cutbacks that included widespread layoffs.

Musk also told Morgan Stanley banker Michael Grimes in an interview that cloud spending had been reduced by 40%, while the number of data centers the business uses dropped to two from three.

As a result, Musk, who took Twitter private in a $44B deal in 2022, estimated that cash flow may break even or even move into positive territory in the second quarter.

But Musk still admitted that there has been a "massive" drop in advertisers on the site in response to changes around content moderation that it has unveiled since he assumed control of the company.

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