Jack Dorsey will remain CEO of Square.
Correction: A previous headline misspelled Twitter.
Concerns about slowing growth in China and an interest rate hike in the United States by the Federal Reserve helped make the third quarter the worst since 2012, with IPO proceeds plummeting 77 percent compared with the same period a year ago.
While in the past four months the 38-year-old CEO has been generally applauded for juggling the two companies without breaking one, things might just be about to get a lot more hard with Square reportedly planning to go public later this year.
The headquarters of Twitter and Square are located a block from each other, making it more convenient to shuttle back and forth between the two companies.
Twitter, which hired Dorsey as an interim CEO after Dick Costolo stepped down, earlier last month hinted that he could handle the demands of running both mammoth companies.
“This is unacceptable and we’re not happy about it”, Dorsey said at the time.
Dorsey has must ensure that Twitter’s steadily rising revenue begins to produce profits relatively soon. The company’s stock slipped more than 8 percent last week after reports emerged that Dorsey was likely to get the top job. “To show you what’s happening in the world [first], directly from the source”. Apparently he is trying to do both jobs at the same time. Square started as a payments company but now offers a suite of small-business services, ranging from loans to invoice software, and it continues to experiment and evolve.
Twitter will reveal more details on an investor call at 5:30am Pacific.
The social network is under intense pressure to figure out how to draw new users to its service.