Twitter CEO Jack Dorsey officially steps down as CEO today effective immediately. After leaving Twitter Chief Technology Officer (CTO) Parag Agrawal will replace Dorsey as CEO. Despite his resignation, Dorsey will continue to serve as a member of the Twitter board of directors until his term expires at the 2022 shareholder meeting. Jack Dorsey claims he is leaving Twitter because he wants the company not to be led by a co-founder. Plus, the co-founder and former CEO of Twitter claims he wants the company to be the most transparent in the world.
Dorsey has been the CEO of Twitter for the past 16 years. Maybe it's time for the company to change its leadership. Hours before his official resignation, there were reports that Dorsey was about to step down. It doesn't look like the former CEO had any problems with the company. Perhaps he is leaving to solve new problems.
New CEO Agrawal will have to meet Twitter's aggressive internal goals. The company said earlier this year that its goal is to have 315 million monetized daily active users by the end 2023 and at least double your annual income by 2023.
Twitter worked well under Dorsey
Overall, Twitter's finances were excellent under Jack Dorsey. The company's quarterly financials were good. Back in July Twitter reported on its work in the second quarter of the current fiscal year. The company has recorded significant growth in key areas. The company's revenue for the three-month period was $ 1,19 billion. That's a 74% increase over revenue of $ 683 million in the same period last year. The company's ad revenue grew 87% year over year to $ 1,05 billion.
In addition, its licensing and other revenue streams generated a total of $ 137 million, up 13% from last year's second quarter. At the end of the quarter, the company posted net income of about $ 66 million, or 8 cents a share. For comparison: a year earlier, losses were recorded at $ 1,38 billion, or $ 1,75 per share.
At the end of the second quarter, the daily audience of active monetized Twitter users amounted to about 206 million users. A year earlier, this figure was equal to 186 million subscribers, and in the first quarter of this year - 199 million. In the third quarter, the company expects to generate revenues of $ 1,22 billion to $ 1,3 billion. Its operating losses, calculated in accordance with generally accepted accounting principles (GAAP), could be up to $ 50 million.
