September is behind us which means it's time to take a look at Twitter's, I mean X's, revenue. And with this I'm going to retire that joke and forget about Twitter...
X's revenue has ebbed and flowed a bunch this year, almost exclusively for reasons not related to its mobile strategy, but when we zoom out a bit, the last quarter shows a definitive trend in revenue growth.
According to our App Intelligence, X's net revenue rose to $30M in Q3 of 2024. Not only is this the highest quarterly revenue has ever been, but it's also a whopping 30% higher than Q2. And when looking at the trend, things didn't look nearly as good, with revenue not really growing between Q1 and Q2, making Q3 great for business.
Now, every time I write about X's revenue I get comments about how this revenue pales in comparison to the revenue the platform lost when many advertisers left, and those comments are right. This isn't a comment on X's revenue in general, but on its ability to turn its users into paying user, something social platforms didn't really do before X took the plunge.
Although X (then, Twitter) was somewhat of a pioneer, almost every other platform that followed in its footsteps is earning more from its users. Snapchat, one of the best examples, ended Q3 with more than $100M in net revenue, according to our estimates. Which to me means there's a lot more opportunity for X.
As we get closer to election time here in the US I expect to see demand for X growing and so will its revenue. It's what comes after I'm not entirely sure about.
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