Investors and analysts will find out how Facebook has fared over the past three months when the company releases earnings after the bell Wednesday.
Ad revenue and mobile are in the spotlight. S&P Capital IQ's Scott Kessler told CNBC's "Tech Bet" on Wednesday that mobile advertising is the single most important component to the overall mix of Facebook's revenues and earnings.
Kessler said mobile has become vastly more important than desktop.
"This is a very, very significant opportunity for the company," Kessler said. "Not only is the growth there but increasingly the pricing has become more favorable. That really has been a very constructive recipe for Facebook in terms of revenue, growth as well as margins."