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| Twitter's Dick Costolo steps down as chief executive | Twitter's Dick Costolo steps down as chief executive |
| (35 minutes later) | |
| Dick Costolo is stepping down as chief executive of Twitter, the company has announced. | Dick Costolo is stepping down as chief executive of Twitter, the company has announced. |
| The social network's co-founder Jack Dorsey will take over as interim chief on 1 July and stay until a replacement can be found, it added. | The social network's co-founder Jack Dorsey will take over as interim chief on 1 July and stay until a replacement can be found, it added. |
| Twitter's board has formed a committee to undertake the task of finding a successor. | Twitter's board has formed a committee to undertake the task of finding a successor. |
| Mr Costolo said he was "tremendously proud of the Twitter team" in the statement. | Mr Costolo said he was "tremendously proud of the Twitter team" in the statement. |
| Following the announcement, shares in Twitter jumped by more than 7% in trading after US markets had closed. | |
| Slowing growth | |
| Twitter debuted on the New York Stock Exchange in 2013 but has not been adding users as fast as investors had hoped. | |
| In April, the firm missed Wall Street's forecasts for revenue growth and posted a net loss of $162m (£104m). Its share price has declined nearly 30% since then. | |
| And analysts aren't optimistic: the research firm eMarketer estimates that Twitter's monthly user base will grow just 14.1% this year, slowing from more than 30% two years ago. | |
| By 2019, eMarketer says Twitter's user growth rate will be just 6% worldwide. | |
| In announcing his resignation, Mr Costolo said in a statement: "I am tremendously proud of the Twitter team and all that the team has accomplished together during my six years with the company. | |
| "We have great leaders who work well together and a clear strategy that informs our objectives and priorities." | |
| Nate Elliott, an analyst at Forrester research, said the news of his departure wasn't surprising. | |
| "Twitter has never been great at giving its users reasons to come back," said Mr Elliott. | |
| "While other social sites have introduced new features and functionality the past few years, Twitter has mostly stood still. The result has been excruciatingly slow user growth." | |
| Mr Costolo will remain on the board of the company. He has been a director since September 2009 and became chief executive in October 2010. |