The shares of Twitter (NYSE) fell sharply in the early hours of Wednesday trading. This was despite post-market gains that were reversed by analysts who sorted out what the positive and negative aspects from the earnings. At 8:30 AM, shares fell 8%.

The company 37% year over year revenue growth and appeared to be unaffected by the changes in Apple’s tracking system on iOS devices that rocked Snap Inc (NYSE:)’s Q4 guidance and to a degree Facebook Inc (NASDAQ:)’s. Twitter’s earnings release reported that the Apple (NASDAQ:) changes’ “Q3 revenue impact was lower than expected, and we have incorporated an ongoing modest impact into our Q4 guidance.” Analysts have cited either Twitter’s relative weakness in direct response advertising or relative strength in first party data as reasons it might have avoided the Apple concerns.

Due to litigation expenses of $766M, the company’s earnings suffered a loss. This includes a $809.5M shareholder action lawsuit. The company’s monetizable daily average users (mDAUs) grew 13% year over year, with most of the growth coming outside of the U.S. The release mainly focused on Twitter’s advertising businesses, but it did include three new creator-oriented products, ticketed Twitter space (live audio events), tips, superfollows, and tickets.

Twitter forecast $1.5-1.6B revenue for Q4 and reaffirmed their goal of $7.5B for revenue for 2023, even though MoPub was removed. Twitter is still guiding for 30%+ expense growth (and greater revenue growth) for 2021. They also projected $1.5-1.6B revenue for 2023, and have reaffirmed their target of $7.5B in revenue for 2023 even after MoPub. Twitter needs to increase revenue at approximately 21% each year over the next two-years in order to achieve its $7.5B revenue goal.

Analysts’ reactions were largely mixed, with more lowering price targets than raising them. Jefferies analyst Brett Thill (NYSE:), who noted a missed on mDAU estimates and the uncertainty from iOS changes, was one of those who reduced their price targets. Raymond James analyst Aaron Kessler maintained his position and called results solid. He cited revenue growth opportunities, which were countered by higher than anticipated expense growth. Angelo Zino of CFRA reiterated a buy rating, saying, “We think results are impressive relative to peers, as TWTR appears to be better navigating iOS privacy changes as well as supply chain concerns given its greater exposure to services/digital goods.”

Twitter bought $170M of its shares in Q3, which offset share-based pay in the quarter.