The New York Times reports:

Elon Musk recently said Twitter’s advertising business was on the upswing. “Almost all advertisers have come back,” he asserted, adding that the social media company could soon become profitable.

But Twitter’s U.S. advertising revenue for the five weeks from April 1 to the first week of May was $88 million, down 59 percent from a year earlier, according to an internal presentation obtained by The New York Times. The company has regularly fallen short of its U.S. weekly sales projections, sometimes by as much as 30 percent, the document said.

That performance is unlikely to improve anytime soon, according to the documents and seven current and former Twitter employees.

Twitter’s ad sales staff is concerned that advertisers may be spooked by a rise in hate speech and pornography on the social network, as well as more ads featuring online gambling and marijuana products, the people said. The company has forecast that its U.S. ad revenue this month will be down at least 56 percent each week compared with a year ago, according to one internal document. [Continue reading…]