X's revenue in India plunged 89.8% to $2.51 million in the financial year ending in March, according to regulatory filings for the Elon Musk-owned social network.
The company, which had posted revenue of $24.7 million in the previous fiscal year, also significantly reduced its expenses in India to $2.2 million from $20 million year-on-year, the filing revealed.
Despite the dramatic drop in revenue, the India unit managed to report a profit of $380,000 for the fiscal year that ended in March, down from $3.62 million a year earlier.
Musk previously identified India as a key market for Twitter. In a previous lawsuit that Musk had filed against Twitter, he said he believed India was the company's third largest market.
It's still unclear why X's revenue declined so dramatically in the country, but it coincides with widespread layoffs locally and globally. The crisis also reflects the platform's global struggles to retain advertisers.
X did not immediately respond to a request for comment.
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