Investors will also be paying close attention to Facebook's user growth and ad revenue.
Facebook showed healthy user growth in the second quarter, with its monthly average users (MAUs) growing 14 percent year-over-year to 1.32 billion. Mahaney estimates the company will continue robust growth with a 13 percent increase in users year-over-year in the third quarter to 1.34 billion users.
Despite growing competition in the ad space, the company's ad revenue is also poised for significant growth in the third quarter, analysts said.
Brian Wieser, an analyst at Pivotal Research, said in a recent note to clients he estimates Facebook will account for 10 percent of all online advertising in the U.S. this year and 12.5 percent in 2015. The company seems on track to deliver such results, especially given its strength in mobile.
In the second quarter, Facebook reported more than $2.6 billion in ad sales, which was a 67 percent increase year-over-year, with mobile advertising accounting for about 62 percent of all ad revenue.
Facebook's dominance in mobile is unlikely to waver in the third quarter, said Mark Josephson, CEO of Bitly, which is a tech company that works with thousands of marketers to improve their performance on social platforms.
Josephson said Bitly tracks more than 8 billion clicks a month across every platform and has deep insight into how consumers are interacting with different social networks.
Read MoreFacebook's new 'Rooms' enables anonymous interactions
"The Bitly data is really interesting for the third quarter over the second quarter. The first thing is the continued dominance of Facebook," Josephson said on CNBC's "Squawk Alley." "It's incredible how fast they have been accelerating their growth and grabbing share in overall click volume."
Mahaney said he also expects mobile ad growth to continue to drive ad sales for the quarter and estimates the company will report $2.85 billion in ad revenue, or a 59 percent increase year-over- year.