As Twitter's stock tanked after revenue fell short of projections and disappointing guidance for the second quarter, CEO Jack Dorsey sat down for an interview to talk about what Wall Street has wrong about the company, and his vision for the future.
Despite the stock sinking by more than 13 percent in after-hours trading Tuesday, Dorsey insisted that his turnaround plan is working, and that he's the right person to run the company.
(Twitter stock was down 15 percent Wednesday.)
"We've never had more focus as a company, as a development team," said Dorsey. "I want to make sure that Twitter is the place that you check first thing to start your day. It will tell you exactly what's happening in the world. What's most important. What matters. And that's what we're driving towards, what we're focused."
Dorsey said he has a system and team in place to allow him to juggle running two publicly traded companies at once — mornings at Twitter, afternoons across the street at Square. And while he says the board has a fiduciary duty to evaluate any acquisition offers, he's focusing on executing the plan he laid out to turnaround Twitter.
When pressed about the ad weakness that's weighing on Twitter's revenue and outlook, he pivoted to the fact that advertisers are shifting from Twitter's traditional ad formats to video ads, laying the groundwork for growth ahead. He wouldn't comment on whether Twitter is suffering from increased competition from advertisers such as Facebook and Snapchat, just saying that there's "a lot of opportunity" ahead in video ads.