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A rosy future for Facebook and Twitter?

Social media heavyweights Facebook and Twitter provide good opportunities for investors going forward, Scott Kessler, S&P Capital IQ's head of tech equity research, told CNBC on Wednesday, before Facebook reported fourth-quarter earnings.

"They're making these investments because they can, not because they need to," said Kessler. "I think if Facebook is able to continue to deliver revenue growth and healthy margins, the investing public will be more than satisfied."

The social networking giant reported quarterly earnings and revenue that surpassed analysts' expectations. It posted earnings of 54 cents per share, up from 31 cents a share a year earlier. Revenue increased to $3.85 billion from $2.59 billion.

Read MoreTwitter launches video tools, private group messaging

Facebook is up more than 40 percent over the past 12 months but may be affected by the strong dollar in the current quarter. The company has significant business in Europe and Canada, which could hurt revenue.

Silhouette of man against Twitter logo
Chris Ratcliffe | Bloomberg | Getty Images

"Facebook is a very global company and we're not expecting the company to just kind of indicate that it was business as usual," Kessler said. "The increasing dollar will have a negative impact, we've seen it hurt the revenues of everyone from Apple to Microsoft, this is something people should be aware of."

The strong dollar may not be as much of a factor for Twitter, but the company remains under pressure as investors look to see new features leading to increased user growth and revenue.

However, Kessler remains bullish on Twitter and sees opportunity in the microblogging site.

Read MoreSome economists doubt Facebook's economic claims

"Twitter is unfairly criticized because of the fact that they haven't started the monetization process as quickly or successfully as Facebook," said Kessler.

"The reality is they've been doubling revenues and they've been growing their business very substantially and we think there is a lot of opportunity for upside given the negative sentiment on Twitter at this point."

Twitter is expected to report earnings on Feb. 5 after market close.

—CNBC's Karma Allen contributed to this report.

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