BENGALURU: Twitter Communications India Private Limited has reported a net loss of Rs 31.8 crore in FY22. Its operational revenue has increased nearly two folds in FY2021-2022 to Rs 157 crore, compared with the previous fiscal of Rs 86 crore.
According to financial data accessed by business intelligence platform, Tofler, the company posted a net loss of Rs 31.8 crore for FY22 compared to the net profit of Rs 7.8 crore for previous FY, owing to a cost of Rs 44 crore recorded towards the share-based compensation cost which is accounted and reported in conformity with the Indian accounting standards.
The company’s employee benefits expense in FY22 grew to Rs 137 crore compared to Rs 43 crore in the previous fiscal. Its net worth has increased in FY22 as it stood at Rs 45 crore as against Rs 32 crore in the previous fiscal.
The board is optimistic of the company’s development in coming years. Twitter sacked nearly 3,500 employees worldwide, including 180 employees in India.