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Trading Internet earnings: 7 plays on mainstays

Facebook reeled after earnings on Wednesday, but some CNBC "Fast Money" traders would be quick to scoop up the stock.

The social media giant dropped 2 percent in extended trading after it reported first-quarter revenue that missed analysts' expectations. But as the company's monthly active users in March rose 13 percent year-over-year, to 1.44 billion, trader Brian Kelly would buy on the slide.

"If you can't monetize that, then you really shouldn't be in any type of business whatsoever. So, on weakness, you buy Facebook," Kelly said.

Read MoreFacebook user growth crushes estimates

Trader Pete Najarian agreed that the stock has upside.

"I think tomorrow morning, as the dust settles, we're going to start to see really what the direction of Facebook is going to be," he said.

Facebook on a mobile tablet.
Getty Images
Facebook on a mobile tablet.

But trader Dan Nathan expressed more skepticism. He noted that user growth and ad revenue on mobile platforms may start to reach a saturation point. He said he preferred Google stock to Facebook.

EBay—another Internet name that reported on Wednesday—soared in extended trading. The company beat Wall Street's earnings and revenue expectations, driven by strong growth in its PayPal service.

Read MoreEBay jumps after beating Street on profit, revenue

The stock popped 5 percent in after-hours to roughly $60 per share. Trader Guy Adami believes eBay shares could "make the push to the next level."

The company also said the previously announced split of eBay and PayPal into separate publicly traded companies would take place in the third quarter. Nathan noted that he would look to take a long position in an independent PayPal and short eBay, as its core marketplace segment fell off 4 percent year-over-year.

Disclosures:

Pete Najarian

Pete Najarian is long AMAT, AAPL, BABA, BAC, BMY, BP, CSX, DISCA, FOXA, GE, KKR, KO, LLY, LOCO, MBLY, MRK, PEP and PFE. He is long calls AAPL, BK, DAL, EBAY, EEM, F, FB, FL, GE, GS, HZNP, IMAX, JBLU, KO, MAC, MYL, NEE, NTAP, OC, PBR, PFE, RAD, SYY, TEVA, TSX, UA, UAL, VZ, XLF, XOM and ZIOP. Today, he bought IMAX calls. Today, he bought EBAY calls. Today, he sold AMGN calls. Today, he bought AAPL calls. Today, he bought FB calls.

Dan Nathan

Dan Nathan is long BBRY June call spread, EBay May/July call spread, IWM May put fly, KO April 24th call fly, LULU May puts, M May call spread, NKE call spread, QQQ May 108/ 98 put spread, SHAK, T, TWTR, WMT June call spread, XLP May put spread and XLY May puts. Today, he bought EBay May/July call spread.

Brian Kelly

Brian Kelly is long BTC=, CTRL calls, GSG, BBRY, SPY puts and U.S. dollar. He is short 30-year bond futures. He is short Australian dollar. He is short yen. He is short yuan.

Guy Adami

Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck.