This article originally appeared on 60 Second Social.
We reported on the financial turmoil Twitter experienced at the last report they made to investors and how a tweet briefly sent Twitter stock sliding at an alarming rate before the stock exchange closed trading. However, a CEO shake up – Dick Costolo out and Jack Dorsey in as interim CEO – and it appears to have had an effect already.
Twitter posted higher than expected revenue and profit yesterday, their stock was initially up more than 10% in the hours after trading. However, growth is still a problem with Twitter adding just 2 million core users in this quarter. On top of that, Twitter has been struggling to hold onto top tier management at the moment. The head of growth, project manager of the discovery features and vice president of project management have all departed the company in the past few weeks.
Twitter reported $502 million in revenue with a profit of 7 cents a share. Thats around twice of what it posted for the same time last year. With a shaky time among the management ranks at the top of the company it is now vital that Twitter look to steady the ship. They need to sort out their CEO situation, they need someone to commit to the position and an interim CEO position is only a short term solution.
The two front runners at the moment to take the CEO job are Adam Bain, the head of Twitter’s business unit which has experienced fantastic success despite poor user growth. The second contender is the man in the interim CEO spot and Twitter’s returning prodigal son, Dorsey.
Rumours have indicated that despite being the current CEO of Square, Dorsey is still angling for the Twitter job however it is unclear if he would leave Square to take the Twitter CEO job full time.
Dorsey told investors yesterday that the company’s failure to derive value from logged out users was unacceptable and if they can change they way they execute, Dorsey believes Twitter will be the first place users check in the morning and the place to share great ideas and content.
About The Author
Mark is the founder of 60 Second Social media where he provides social media news and digital marketing analysis. He has an Advanced Diploma in Psychology and a Diploma in Digital Marketing And Social Media. You can follow him on Twitter here. You can also follow 60 Second Social on Twitter here. Or you can drop Mark an email at, [email protected]