Jack Dorsey founded Twitter and he's running it for the time being while the company finds a permanent CEO. It's safe to say that no one knows more about Twitter than Jack Dorsey, and Jack Dorsey doesn't sound like he cares for it very much.
Here are some of Jack's choice comments from Twitter's quarterly earnings call yesterday. And keep in mind that Twitter outperformed projections, sending its stock soaring by the time this call kicked off.
Dorsey acknowledged the strong quarterly performance, but followed it up with this:
However, product initiatives we’ve mentioned in previous earnings calls like instant timelines and logged out experiences have not yet had meaningful impact on growing our audience or participation. This is unacceptable and we’re not happy about it.
Anything else, Jack?
First of all, we haven’t done a great job at aligning the entire company around our total audience strategy.
But how else are things internally.
One, we need to ensure a more disciplined execution. Two, we need to simplify our service to deliver Twitter’s value faster. And three, we need to better communicate our value.
Okay, not the kind of stuff you often hear on an earnings call with analysts. But hey Jack is a millennial tech bro, not a Wall Street veteran. That's why Twitter hired former Goldman gold man Anthony Noto as its CFO.
Surely he'll clean this up.
Your thoughts Anthony?
This low level of penetration implies that we have only reached early adopters and technology enthusiasts and we have not yet reached the next cohort of users known as the mass market. We believe the reason is that we have failed to do two critical things. First, we have not clearly communicated Twitter’s unique value and so that’s reflected in everything we do across product, content and marketing, and as a result, non-users can ask why should I use Twitter?
Umm, that's what Jack said but like worse.
Additionally, we have not delivered on meeting the new potential user’s expectations of Twitter when they try the product. Simply said, the product remains too difficult to use.
Wow guys, you're a real pair of #buzzkills.