Jack Dorsey, the 39-year-old CEO of San Francisco-based payments technology company Square (SQ) - Get Report needs to stop thinking he can do the job of two people, according to TheStreet's Jim Cramer.
"Square needs attention 24/7," said Cramer, adding that "there isn't enough hours in the day" to be the CEO of both Square and Twitter (TWTR) - Get Report . "That's just the fact of life ... if both companies were doing well, it'd be a different story."
Square needs to start making some money, Cramer explained, adding that at least Twitter is "not losing money hand over fist." Both companies need a CEO, as Twitter itself isn't performing that well either, Cramer explained.
The desperate attention needed by Square is indicated the results of its first quarter 2016 earnings and how they led to a plummet of 20% on Friday in Square's stock price from $13.05 to trade around $10.48 in the early afternoon.
Square reported a total net revenue of $379 million for the first quarter of this year compared to $374 million in the fourth quarter of 2015. The company's gross profit for the first quarter only increased a smidgen from $109 million in the fourth quarter to $110.2 million. The company also reported an increase in its operating loss from $47.8 million in the fourth quarter to $97.1 million in the first quarter.
"The narrative of both companies are that they're doing well, but they're not," Cramer added. Square shares are down around 20% year-to-date, while Twitter shares are down 38% year-to-date.
Square was founded in February 2009 by Jack Dorsey and Jim McKelvey, while Twitter was founded in March 2006 by Jack Dorsey, Noah Glass, Christopher Isaac Stone, and Evan Williams.
Dorsey has a net worth of around $2.3 billion.