This attitude seems to have changed.
“So they’re clearly now focused on revenues, whereas before I don’t think they were as focused on revenues,” said Ernst.
But investors should keep in mind that this change could take a year before they “really see this hitting the income statements.”
“I don’t think that investors should be looking for an immediate re-acceleration in revenues," said Ernst. "So I think that’s the thing to watch out for.”
Ernst said Facebook’s growth to 1 billion monthly active users — which translates to about a 25 percent year-over-year rise — was “pretty strong.” However, this milestone prompted Ernst to bring up Facebook’s Cupertino, Calif., neighbor Apple.
“I would point out though — Apple on their last number on iTunes accounts was over 400 million, which is up over 85 percent year over year, and they’re doing a lot more revenue per user at Apple than they do at Facebook,” he said.
—By CNBC.com’s Katie Little; Follow Her on Twitter @katie_little
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Daniel Ernst does not own Facebook stock.