Twitter (NYSE: TWTR) reported Q3 EPS of $0.13, $0.04 better than the analyst estimate of $0.09. Revenue for the quarter came in at $616 million versus the consensus estimate of $605.84 million.

Average monthly active users (MAUs) were 317 million for Q3, up 3% year-over-year and compared to 313 million in the previous quarter.
Average U.S. MAUs were 67 million for Q3, up 1% year-over-year and compared to 66 million in the previous quarter.
Average international MAUs were 250 million for Q3, up 4% year-over-year and compared to 247 million in the previous quarter.

Restructuring and Reduction in Force

This morning we announced a restructuring and reduction in force affecting approximately 9% of Twitter’s positions globally. The restructuring, which focuses primarily on reorganizing our sales, partnerships and marketing efforts, is intended to create greater efficiency as we move toward our goal of driving toward GAAP profitability in 2017.

The restructuring allows us to continue to fully fund our highest priorities, while eliminating investment in non-core areas and driving greater efficiency. Over time, we will look to invest in additional areas, as justified by expected returns and business results. We remain committed to our previously stated long-term goal of 40-45% adjusted EBITDA margins net of traffic acquisition costs (TAC).

We estimate that we will incur approximately $10 million to $20 million of cash expenditures as a result of the workforce restructuring, substantially all of which are severance costs, and $5 million to $10 million of non-cash expenditures, consisting primarily of stock-based compensation expense. We expect to recognize most of the pre-tax workforce restructuring charges in Q4.

Guidance:

For full year 2016, we expect:

Additionally, for Q4, we expect:

Mobile MAUs represented 83% of total MAUs.

Shareholder Letter:

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For earnings history and earnings-related data on Twitter (TWTR) click here.