Something strange is going on with Twitter right now...

Dick Costolo TwitterREUTERS/Aly SongTwitter CEO Dick Costolo.

Twitter reports earnings Thursday after the market closes.

It’s going to be very interesting. Twitter CEO Dick Costolo has been under pressure for weeks, with investors calling for his ouster. In response to the pressure, Twitter has increased the velocity of its operations, rolling out new products.

Unfortunately for Twitter, most of the product improvements are happening this quarter, so they won’t have much impact on Twitter’s earnings.

Analysts are expecting earnings per share of $US0.06 on revenue of $US453.6 million, which would be up 86% year-over-year. Last quarter, revenue was up 114%, so if Twitter hits expectations, it would be a slow down in the growth rate.

More importantly, analysts are anticipating 295 million monthly active users for the fourth quarter, according to Bloomberg. That would be 22% growth. Last quarter Twitter had 284 million users, which was up 24%. Again, that would be a slow down in the growth rate.

This is Twitter’s fifth ever earnings report. In all of its previous reports, the stock was been whipped around pretty hard in reaction to the results, so you’ll want to pay attention when the numbers hit. We’ll have the results as soon as possible, so tune in!

Since Twitter last reported earnings, a lot has happened.

In response to the heat on Costolo, Twitter’s board members started publicly supporting Costolo.

Twitter IPOAndrew Burton/Getty ImagesTwitter’s founders at its IPO

A sample of their support:

The message here is clear: Investors can’t fire Costolo because he has board support. (Of course, Costolo will have board support until he doesn’t, so we wouldn’t put too much into these statements.)

On the heels of board members supporting Costolo, Twitter went on a product announcement blitz. All of this happened in the past few weeks:

And in addition to all those product announcements, its ad business got a giant, flattering write up from veteran tech writer Steven Levy.

And last night, The Verge reported that Costolo is telling Twitter employees he’s embarrassed that Twitter is so terrible at dealing with trolls. He considers it a personal failure that Twitter isn’t a better platform for people who don’t want to be harassed.

Phew! That’s a lot of stuff in short period of time.

Add it all together, and frankly, it looks a little weird. Why did Twitter go on this crazy blitz of announcements in the weeks leading up to its earnings?

It seems like one of two things is happening here.

Either, Twitter has gone pedal to the metal and it’s going to kill earnings, and point to all of this, and Costolo will be able to tell the haters to pound sand.

Or, Twitter’s earnings are going to be rough, and Costolo wants board support, and wants to be able to tell analysts about all the things he’s doing to fix the product.

We will find out in a few hours what’s going on.

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