Once again, Twitter’s earnings have beat expectations. And once again, Twitter is reporting absolutely anemic user growth.

In July, Twitter’s then-temporary CEO Jack Dorsey reported 304 million monthly active users (excluding SMS Fast Followers). “We are not satisfied with our growth in audience,” he said.

Now, permanent Twitter CEO Jack Dorsey is reporting only 307 million MAUs for Q3.

“We continued to see strong financial performance this quarter, as well as meaningful progress across our three areas of focus: ensuring more disciplined execution, simplifying our services, and better communicating the value of our platform,” said Jack Dorsey, CEO of Twitter. “We’ve simplified our roadmap and organization around a few big bets across Twitter, Periscope, and Vine that we believe represent our largest opportunities for growth.”

The good news: Q3 revenue of $569 million, up 58% year-over-year, beating the previously forecast range of $545 million to $560 million.

Here’s the bad news – user growth is stagnant.

“Total average Monthly Active Users (MAUs) were 320 million for the third quarter, up 11% year-over-year, and compared to 316 million in the previous quarter. Excluding SMS Fast Followers, MAUs were 307 million for the third quarter, up 8% year-over-year, and compared to 304 million in the previous quarter. Mobile MAUs represented approximately 80% of total MAUs,” says Twitter.

Twitter only gained three million new monthly active users over the last few months.

The report sent stock plunging in after hours trading.

Twitter continues to post solid revenue, and continues to be unable to grow its user base. Over the last year, shares of Twitter have fallen over 36%.

Image via Thierry Ehrmann, Flickr Creative Commons