Facebook first-quarter earnings: What to watch

Facebook Messenger screens
Source: iTunes

It wasn't that long ago that Wall Street had little faith in Facebook's mobile future.

What a difference a year makes.

As Recode reports, Facebook reports its first quarter earnings Wednesday, with analysts expecting a profit per share of 24 cents and $2.36 billion in revenue. That's up big from the year-ago quarter, when Facebook was still just beginning to bolster its mobile business.

But while the Street has slowly warmed up to Facebook's prospects, the social giant isn't out of the woods yet. Details to look out for include mobile ad prices and engagement.

Click here for the full Recode story.

By Mike Isaac, Re/

CNBC's parent NBC Universal is an investor in Re/code's parent Revere Digital, and the companies have a content-sharing arrangement.