الأحد , يونيو 14 2020

Twitter boss 'not satisfied' with growth

Twitter logo

Jack Dorsey said the firm had to do more to realise its full potential.

Twitter’s revenue and earnings for the second quarter have beaten expectations, but co founder Jack Dorsey has said he is “not satisfied” with its user growth.

The micro blogging site posted revenue of $502m, up 61% year-on-year and beating its own top forecast of $485m.

But active users reached 316 million in the period, up only slightly on the 308 million in the first quarter.

Mr Dorsey said the firm had to do more to realise its full potential.

“We must improve in three key areas: ensure more disciplined execution, simplify our service to deliver Twitter’s value faster, and better communicate that value,” he said.

The number of Twitter users is still dwarfed by its most high-profile competitor, Facebook, which boasts 1.4 billion users.

Mr Dorsey, who took the helm at the start of this month after previous boss Dick Costolo stepped down, has been under pressure to show how Twitter plans to reignite user growth.

Investors’ initial reaction to the second quarter results was positive, with shares rising over 6% to $36.5 in after-hours trading.

But the firm’s shares, which have fallen around around 10% over the past year, are still below the $38.80 price they debuted at in 2013.

The firm, which has yet to post a profit, also reported a smaller than expected loss of $137m for the period.

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