"While Twitter needs constant product innovation, the bigger need at this time is to build the business model," Rosenblatt Securities analyst Martin Pyykkonen wrote in a report Monday. "We continue to think that should be done from the standpoint that Twitter is really more so media than tech, even though admittedly a mix of both."
Pyykkonen has a neutral rating on the stock and a $36 price target, 17 percent above Monday's closing price.
Monthly active users (MAUs) is always a critical figure for investors because other social apps like Instagram and Snapchat are competing for attention and Twitter has struggled to attract younger audiences.
Read MoreTweets available through Google mobile search
Analysts expect to see a 14 percent increase to 322.4 million, according to FactSet. That number may be bolstered by Google, which started showing Tweets in search results on mobile devices in May and on desktops in August.
Twitter has said not to expect increased activity from Google yet, but "we don't see how it cannot," MKM Partners analyst Rob Sanderson wrote in an earnings preview this week. "A search in many categories often ranks Twitter content in the top slot."
Sanderson, who has a neutral rating and $31 price target, said the deal could add several million users.