Square is worth almost as much as that other company Jack Dorsey runs

Ahead of Twitter’s earnings tomorrow, things aren’t looking good for CEO Jack Dorsey’s social media company.

Analysts expect a nearly 5 percent decline in revenue this quarter and only small growth in monthly active users. Twitter’s stock is down about 5 percent this week — and about 35 percent below its IPO price.

But things are looking up for Dorsey’s other venture, Square — of which he is also the CEO. Since its disappointing IPO in November 2015, Square has consistently posted solid financial results. In a surprise to many who did not believe the hype, the company is thriving.

Currently, Square is worth about $12.5 billion — just $130 million shy of Twitter’s market cap at the time of publication. That’s a difference of about 1 percent of Twitter’s value. If Twitter’s stock price continues to decline or if earnings send the stock down further, Square will likely surpass Twitter’s value.

This article originally appeared on Recode.net.

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