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Costolo said Twitter was in a \"unique position\" having Dorsey able to fill in as CEO and help facilitate a smooth transition.

\"Jack thinks elegantly and deeply about the product,\" Costolo said. \"It's been a total delight to have worked alongside everybody and such a great team.\"

As a committee vets internal and external candidates for the top position, Dorsey said it's vital whoever takes the reins is \"someone who uses and loves the product in every single way.\"

Twitter sought to give reassurance to shareholders in a statement that stressed the company's second quarter revenue outlook to be in the range of $470 million to $485 million.

Shares of $TWTR rallied in after hours trading, up more than 6 percent to $38.05.

Standing ovation for @dickc. Thank you. pic.twitter.com/5V6lraFuHT

— Paul Stamatiou (@Stammy) June 11, 2015

Widely respected among Twitter employees, Costolo made it clear he wanted to give investors a road map for Twitter's future and his ability to let advertisers harness the service's incredible reach.

At its first ever Analyst Day conference last November, Costolo shared his vision for helping Twitter grow and find new ways to engage its audience.

Among the changes that have been introduced since then are a more seamless video experience within tweets, the ability to direct message multiple people and a “what you missed” feature to make sure users see the most relevant tweets.

Twitter also rolled out two new products -- Fabric and Periscope -- with plans to debut more later this year, Dorsey said.

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