Wall Street’s abuzz this morning with a tale of two social media companies:  Twitter shares are down about 12% in early trading following its Q2 report showing that it had 328 million monthly active users — no gain in the three month period.

And Facebook is up 4.7%, touching a new all time high, following its disclosure last night that it now has more than 2 billion monthly active users, up 70 million in the quarter.

The lack of growth at Twitter eclipsed the financial numbers for Q2, which — while weak — beat analysts expectations in a quarter when it changed the way it calculates results “in accordance with SEC guidance.”

Using the new method, revenues, at $574 million, fell 5% vs the period last year —  but compared to expectations for $536.7 million.  Twitter had a net loss of $116 million, up from a $107 million loss last year.

Using the previous method of figuring the numbers, Twitter says it would have had an $87 million profit, with adjusted earnings of 12 cents a share. Analysts looked for 5 cents.

“We’re proud that the product improvements we’re making continue to increase their overall contribution to Twitter’s growth,” CEO Jack Dorsey says.  “We’re strengthening our execution, which gives us confidence that our product improvements will continue to contribute to meaningful increases in daily active usage. We’re also encouraged by the progress we’re making executing against our top revenue generating priorities as we focus on making Twitter the best place to see and share what’s happening, where you can see every side and perspective.”