Twitter Inc. CEO Quits; Shares Jump In Extended Trading

Twitter Inc TWTR shares rose sharply in the extended session after the company said its CEO resigned effective July 1. http://files.shareholder.com/downloads/AMDA-2F526X/261591078x0x835061/73F87749-004E-4043-9144-AAC4E73E53FE/Press_Release_FINAL.pdf Twitter shares, off more than 22 percent in the past three months, changed hands recently at $38.79, up $2.83. Twitter posted disappointing first-quarter results in April and an early investor and important shareholder Chris Sacca recently said it should be sold to Google Inc. GOOGL, Facebook Inc. FB or Microsoft Inc. MSFT. After the bell Thursday, Twitter named named Jack Dorsey its co-founder and current chairman, as interim CEO pending a more permanent replacement for Costolo. Costolo will remain a member of Twitter's board, the company said. Twitter also reaffirmed its second-quarter outlook Thursday for revenue of $470 million to $485 million and adjusted EBITDA of between $97 million to $102 million. Costolo has served as Twitter's CEO since 2010 and was chief operating officer for a year before that. Previously he was a group product manager at Google. Sacco, the early investor, said last week that Twitter is too difficult to use and should revamp aspects of its system. http://lowercasecapital.com/2015/06/03/what-twitter-can-be-2/ "Done right, countless users new and old will find Twitter indispensable, use Twitter more, see great ads, buy lots of stuff, and make the company much more money along the way," Sacco said.