Twitter disappointed shareholders twice yesterday as they reported earnings earlier than originally planned, and reported disappointing earnings as well.

Twitter (NASDAQ:TWTR) seems to keep growing its problems larger and larger. The micro-blogging platform or social network reported disappointing revenue, which fell beneath Wall Street expectations. Even more disappointing was the fact that Twitter’s expectations for the rest of the year were also disappointing. However, the big news that came from the disappointing results were when they were reported, instead of what was being reported.

Twitter’s quarterly earnings report was released more than an hour before it was supposed to go live. Which meant that stocks traded an hour on the open market – as Twitter and NASDAQ officials scrambled to halt trading and get things back on track for the company. The biggest disappointment though that came from a series of disappointing figures within the quarterly report was when Twitter announced that even as they had over 302 million users use Twitter at least once last month, the number of monthly active users fell well below expectation – measuring in at just 241.6 million against the 243 million Wall Street had forecasted.

The future doesn’t look much better for Twitter, either, according to analyst expectations and the report that the company released yesterday. Twitter’s expectations for the 2nd quarter are that revenues will sit in the $470-485 million range, instead of the $538 million that analysts had reported earlier. Twitter is losing money, too, according to this latest report. It lost $162 million compared to the $138 that the company lost previously – and things just aren’t looking very good for the company in the long term.

NASDAQ taking the blame though for releasing Twitter’s quarterly earnings report early only helps temporarily heal the problems that the company is facing. At this point, it’s easy to look at the results and see that even if the timing were different, the result would have been the same. Investors have been continually disappointed in Twitter’s performance, and now CEO Dick Costolo is really in hot water. It’s unclear how Twitter will handle things moving forward – but if things don’t greatly improve over the course of the next 5-7 months – Costolo could be on his way out the door.

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