Here are the advertising revenues that Twitter lost in the last quarter of 2022.

According to estimates provided for Reuters by research firm Pathmatics, top Twitter advertisers cut their spending following Elon Musk's acquisition, the latest jolt to the company's primary revenue source.

According to Pathmatics estimates, 14 of the top 30 Twitter advertisers suspended all advertising on the service when Musk assumed leadership on October 27. From the week before Musk's acquisition to the end of the year, four advertisers cut their spending by between 92% and 98.7%.

Despite an increase in expenditure by six of the top 30, overall advertising spending by the top 30 businesses plummeted by 42% to an estimated $53.8 million for November and December combined, according to Pathmatics.

The previously unreported numbers for Twitter advertising are estimations, according to Pathmatics. The company bases its projections on technology that monitor ads on desktop browsers, the Twitter app, and those that simulate user interaction.

However, the corporation claimed that those estimations did not take into consideration any potential Twitter transactions or promoted trends and accounts. If Twitter is providing incentives, "it is feasible the spending statistics could be greater for some businesses," Pathmatics wrote in an email.

In spite of numerous demands for comment, Twitter remained silent.

technology-specific journal According to information provided by a senior Twitter ad executive during a staff meeting on Wednesday, a decline in advertising caused Twitter's fourth quarter income to drop by around 35% year over year.

In the three months that concluded on June 30, Twitter reported a loss of $270 million on around $1.18 billion in total sales.

According to the Pathmatics projections, the main source of revenue for Twitter will continue to fluctuate through 2023, with a decline in major consumer brand support.

According to research company Standard Media Index, which did not offer specifics, forward bookings—agreements to lock in future advertisements—were also down for January and February.

"They are, quite simply, incredible incentives. Sincerely, I've never seen an advertiser offer that kind of incentive, "owner of the advertising company HITE Digital Miami, Molly Lopez.

Additionally, "bargain basement" direct marketers and political action committees—big spenders on Meta Platform Inc.'s META Facebook—may cover the advertising void, according to Mark DiMassimo, founder of the New York-based advertising agency DiMassimo Goldstein.

Coca-Cola Co KO stopped spending in the middle of November after spending an estimated $1.1 million on Twitter advertisements earlier in the month, and HBO's expenditure fell to just $38,000 in December from $1.1 million in November, according to Pathmatics.

Coca-Cola chose not to respond. A spokeswoman for HBO named Chris Willard said, "We will be analysing the platform under its new leadership and identify appropriate next measures," declining to comment on specifics of advertising spending.

According to the Pathmatics estimations, manufacturers of consumer products including Heinz ketchup Kraft Heinz Co KHC and Stouffers meals Nestle SA NESN ceased all advertising. Nestle and Heinz chose not to comment.

According to the estimations, department store operator Kohls Corp. KSS and mass retailer Target Corp. TGT did not advertise on Twitter on Black Friday, one of the busiest shopping days of the year. Requests for response from Kohls were not returned.

However, PepsiCo Inc. PEP and Apple Inc. AAPL also raised spending, according Pathmatics.

Requests for response from Apple were not answered. PepsiCo chose not to respond.

Amazon.com Inc. AMZN and financial technology vendor SmartAsset disputed Pathmatics' estimations that showed an increase in advertising. Without providing any information, SmartAsset claimed that the estimates were "inflated" while Amazon remained silent. We want to underline that our figures are only estimations, according to Pathmatics.

PRODUCT SAFETY Due to worries about brand safety, telecommunications operator AT&T Inc. and pet food supplier Mars Inc. cut investment in September.

According to Pathmatics, the businesses continued and in some cases increased their advertising on META Facebook and Instagram as well as the short-form video platform TikTok while cutting back on Twitter.

Requests for comments from Meta and TikTok were not immediately responded to.

According to Thomson Reuters AT&T, its September advertising hold was caused by "concerns around content showing next" to its advertisements. According to a person familiar with AT&T's thinking, the corporation has been speaking with Twitter about its worries.

The suspension "remains in effect," according to Mars.

According to Twitter, child safety is a priority. The network relies on automation to filter content, censor abusive hashtags, and block searches related to child exploitation.

Additionally, businesses reduced their tweeting. Target and Kellogg Co. K had stopped tweeting as of January 19; Coca-Cola and electronics retailer Best Buy Co. Inc. BBY had stopped tweeting in November, according to a Reuters analysis of the companies' primary feeds.

Kellogg, Target, and Best Buy did not respond to requests for comment.