Twitter has just reported its Q2 earnings, and it’s beaten expectations.

Twitter posted second-quarter earnings of $0.07 per share on $502 million in revenue. Wall Street expectations were $0.04 per share on $481 million in revenue.

“Our Q2 results show good progress in monetization, but we are not satisfied with our growth in audience,” said Jack Dorsey, interim CEO of Twitter. “In order to realize Twitter’s full potential, we must improve in three key areas: ensure more disciplined execution, simplify our service to deliver Twitter’s value faster, and better communicate that value.”

Here’s why Dorsey’s disappointed in audience growth – Twitter only boasts 316 million monthly active users, up 15% year-over-year and only about eight million more than the company posted last quarter.

Twitter says mobile MAUs make up about 80% of total MAUs.

That anemic growth is definitely a concern, and one that Twitter’s next CEO will be tasked with improving. Speaking of that, the new CEO will most likely be in place before next quarter, and it’s still very much up in the air as to who it’ll be.

Here are some revenue specifics:

Advertising revenue totaled $452 million, an increase of 63% year-over-year. Excluding the impact of
year-over-year changes in foreign exchange rates, advertising revenue would have increased 71%. Mobile advertising revenue was 88% of total advertising revenue. Data licensing and other revenue totaled $50 million, an increase of 44% year-over-year. US revenue totaled $321 million, an increase of 53% year-over-year. International revenue totaled $181 million, an increase of 78% year-over-year.

What was Wall Street’s reaction? Mixed, really. Twitter stock popped and then fell again in after-hours trading. It’s shot back up a bit, but only slightly.

Check here for the full report.