X CEO says the platform could turn a profit next year — and that most top advertisers have returned 'in the past 12 weeks'
- X CEO Linda Yaccarino said her company could be turning a profit in early 2024.
- Yaccarino added that 90% of the platform's top 100 advertisers have returned in the "last twelve weeks."
X CEO Linda Yaccarino delivered an upbeat message about the company's prospects during a largely tense conversation on-stage at Vox's Code Conference event on Wednesday.
"Now that I have immersed myself in the business, and we have a good set of eyes on what is predictable, what's coming is that it looks like in early '24, we will be turning a profit," Yaccarino told CNBC's Julia Boorstin.
Yaccarino previously said in August that the company was close to breaking even — a point that Musk himself made in April during an interview with the BBC.
However, the company — formerly known as Twitter — has struggled to achieve consistent profitability, even before its acquisition by Elon Musk. In the company's most recent available financial reports before it went private in 2022, Twitter posted losses of $222.4 million in 2021. It marked a drop from its losses of $1.1 billion in 2020.
"90% of the top 100 advertisers have returned to the platform in the last twelve weeks alone," Yaccarino added.
Yaccarino appeared to be referring to the exodus of advertisers from the platform after its acquisition in October last year. A report by nonprofit watchdog Media Matters in November found that half of Twitter's top 100 advertisers left the platform in the 25 days after Musk took over.
And according to leaked internal documents obtained by the New York Times, the company's ad revenue from April 1 through to the first week of March was down 59% compared to the same period last year.
Yaccarino was previously the chairman of global advertising and partnerships at NBCUniversal. Prior to joining X as its CEO in June, she had been with NBCUniversal for eleven years and was a major proponent of the company's push into digital streaming.
Yaccarino and X did not immediately respond to requests for comment from Insider, sent outside regular business hours.