Facebook stock traded lower Wednesday after the company forecast higher costs ahead, but one trader said that increased spending was a positive.
The social media giant posted earnings of 43 cents per share on $3.20 billion in revenue, beating Wall Street estimates for 40 cents and $3.12 billion in revenue. But shares of Facebook sold off as much as 10 percent after guiding for higher costs.
On CNBC's "Halftime Report," Mike Murphy of Rosecliff Capital said that more spending has led to "good results."
Read More Stock picks: 21 trades in 61 seconds
"I still own the stock. It's my largest position," he said. "I had sold calls against the position into this earnings report, but there's nothing in this quarter that says, 'Sell this stock.'"
Stephen Weiss of Short Hills Capital said that Amazon.com's high rate of spending may have spooked Facebook investors, leading to the selloff.
"I like the story. I like the company," he said. "But the valuation's still too high for me."
OptionMonster's Jon Najarian said that he had bought Facebook shares on the dip.
Read More Najarian: Buy Facebook on the dip?
"Stock was down 13 percent last night, and I said, 'Really?'" he said. "They've got daily active use up 39 percent, 703 million people" on mobile.
Najarian noted that while ads were down, the price per ad "went through the roof."
"What I look at is a company that's only about a fourth the size of Google as far as the revenue but not nearly as mature as Google," he said. "I see a lot of upside here."
Najarian added that his year-end target for Facebook stock is $84 per share.
"I like the fact that they're spending here," he said.