A lot has happened at Twitter in the two years since Jack Dorsey returned as CEO of the company he co-founded.
Twitter changed how its timeline works, won (and then lost) NFL streaming rights, and shuttered its looping-video app, Vine. And last week, it launched 280-character tweets — double its longtime limit.
Dorsey also happened to take his other business — the mobile payments company Square, of which he is also the CEO — public.
But all this change hasn’t changed investors’ confidence in the company. Twitter’s stock is down 40 percent since Dorsey returned as CEO in October of 2015, and the company continues to post disappointing earnings results.
Square, on the other hand, has seen its stock price increase more than 120 percent since it went public.
Twitter’s revenue growth has stalled. In the most recent quarter, the company reported $574 million in sales, down from $602 million the year before.
Twitter is still not profitable. In Q2 the company had a net loss of $116.5 million, worse than its $107 million loss a year earlier.
Though Twitter has become a huge sounding board for celebrities, journalists and the president of the United States, the platform has failed to jump-start user growth. Twitter added zero users last quarter.
The company has been pushing a more optimistic measurement — a double-digit growth in daily active users — though it hasn’t actually said how many users that growth represents. Still, it’s a possible bright spot for Twitter — and it’s one of the only numbers that keeps improving.
This article originally appeared on Recode.net.