Twitter Inc. (NYSE: TWTR) reported first quarter 2014 results after the markets closed Tuesday. The social messaging company posted adjusted diluted earnings per share (EPS) of $0.00 on revenues of $250 million. In the fourth quarter of 2013, Twitter’s first as a publicly traded company, the company reported EPS of $0.02 on revenues of $242.68 million. The Thomson Reuters estimates for the first quarter called for an EPS loss of $0.03 and $241.47 million in revenue.

The number everyone wants to see get bigger faster is average monthly active users (MAUs). Twitter claimed 255 million MAUs, up 25% year-over-year but only up 5.8% sequentially. Mobile MAUs rose 31% year-over-year to 198 million. These numbers are good, but not good enough — the consensus estimate for MAUs was 257 million and that relatively small difference has crushed the shares in after-hours trading.

Advertising revenue per thousand timeline views rose to $1.44 in the first quarter, nearly double the average of the same quarter a year ago. One metric that did not make it into the press release was the number of timeline views per monthly active user which should come out during the conference call. A number above 600 is expected.

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Twitter’s CEO said:

Revenue growth accelerated on a year over year basis fueled by increased engagement and user growth. We also continue to rapidly increase our reach and scale.

Shares closed at $42.62 today in a post-IPO trading range of $38.80 to $74.73. Shares are down more than 10% in after-hours trading at $38.30, which would be a new trading low if it holds after the market opens tomorrow morning. Thomson Reuters had a consensus analyst price target of around $50.40 before today’s report.

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