"We continued to see strong financial performance this quarter," Jack Dorsey said in a statement picked up by CNBC among others. The CEO, who has served in that role for a short three weeks, not including his interim and past tenures, continued: "We've simplified our roadmap and organization around a few big bets across Twitter, Periscope, and Vine that we believe represent our largest opportunities for growth."
The earnings call was conducted, not coincidentally, on Periscope's live video service. But, as Re/code writes, the big news was that Twitter's growth has slowed, hurting the business overall and sending its stock down about 12 percent during after-hours trading.
Indeed, as Dorsey noted, financials hit their mark, with a profit of 10 cents per share on $569 million in revenue for Q3. That's more than a 58 percent increase over the same period last year, and analysts were reportedly looking for less. But that might not be enough for investors, and, Twitter has lowered its revenue projections for the coming quarter from $740 million to somewhere in the ballpark of $695 million and $710 million.
That's likely because of the pesky growth numbers, as the Verge reports. Over the last quarter, Twitter saw four million new users, totaling 320 million monthly active users. But that's short of expectations set by the likes of RBC Capital’s Mark Mahaney, who had hoped that the company would add seven million new users in the period to reach 323 million users. The company's own optimistic prediction was for 324 million users total.
"We can’t give away all the secrets, but we want to make Twitter easier... And give more power to people using Twitter," Dorsey said on the call, his first such occasion back in action as CEO. Re/code kept up with the point-by-point announcements.
Dorsey, for full context, recently invested a third of his stake in Twitter in the company's employees — though he's recently made cuts to that group. Meanwhile, he's gotten some very bad, not so good numbers for his other company, Square, reported by the Business Times, to keep him up at night while while that company approaches an IPO.
Dorsey's conclusions, however, were cheeky at the end of the earnings call. "Did I mention we need to make Twitter easier?" he said, intentionally repeating himself. "We want to do that, too. Oh and also make Twitter easier to use."
Hopefully tonight's ad spot, which comes during the World Series as Dorsey revealed during the call, will have them tweeting along in no time.