In the last fiscal year ending March, the revenue of X, the social network owned by Elon Musk, saw a massive decline of 89.8% to $2.51 million in the Indian market, as per the company’s regulatory filings.

Previously, the company had reported a revenue of $24.7 million in the fiscal year before this. In addition to this, X managed to significantly cut down its expenditures in India, bringing it down from $20 million to $2.2 million, year-over-year, as per the revealed filing.

Despite experiencing a significant decrease in revenue, X’s Indian division succeeded in reporting a profit of $380,000 for the fiscal year that ended in March. This, however, was a reduction from the $3.62 million profit of the previous year.

Musk had earlier identified India as a crucial market for Twitter. In a lawsuit that Musk had filed against Twitter, he stated his belief that India was the third-largest market for the company.

The reason for the steep decline in X’s revenue in India remains uncertain. However, this downturn coincides with the company facing numerous local and global layoffs. This downward trend reflects the platform’s ongoing difficulties in retaining advertisers worldwide.

X has not yet responded to requests for comment on this matter.