Not a day goes by without some drama involving Twitter X.

According to a recent report by Bloomberg, X’s ad revenue is expected to fall to $2.5 billion in 2023, and X is disputing the news, calling it incomplete. Still, the report’s numbers line up neatly with what X’s owner said earlier this summer.

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So, to form our own opinions about this matter, let’s take the new information, bundle it with what we already know and stack all that against the company’s most recent internal valuation. We’ll also revisit our previous look at Snap, another social network that is close-ish to X in scale and worth, to compare the two companies.

The question today is whether or not X’s revenues and valuation square up, so let’s dive in!

What’s new?

The Bloomberg report pegs X’s advertising revenue at “a little more than $600 million” in each of the the first three quarters of the year, and cited sources as saying that a similar result is expected in the fourth quarter. Those figures account for “70% and 75%” of the company’s revenue, which would mean total revenue for the year is likely to land between $3.2 billion and $3.4 billion approximately.

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