Advertising revenue growth played a big part in Facebook's third-quarter earnings beat, and according to some analysts, the social media giant has plenty of runway left when it comes to increasing ad sales.
The earnings results sent Facebook shares 5 percent higher above $109 on Thursday, pushing the company's market capitalization beyond $300 billion for the first time ever.
James Cakmak of Monness, Crespi, Hardt & Co. said Facebook ticks off the three boxes advertising customers care about most: data, audience and the ability to target specific demographics. The company also excels in both "barbells" of new and old advertising, he said on CNBC's "Squawk Box."
"When you think about the $600 billion ad market, companies are either good at, one, brand advertising — which is your 30-second spot — or direct advertising, which is Google," he said, noting that the social network is going after TV ad dollars with its increased focus on digital video.
"Now here's Facebook's secret sauce: the fact that they can do both. And that's a very rare value proposition."
Since Facebook currently accounts for just 3 percent of the total advertising market, the company can "absolutely" get bigger, Cakmak said.
Advertising revenue — the vast majority of Facebook's sales — jumped 45 percent from the prior year to $4.3 billion in the latest quarter. Mobile ad sales accounted for 78 percent of that, up from 66 percent in the prior year.
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The surging ad sales come at a time when Facebook is also exceeding expectations in user growth, giving it the opportunity to tout a wider audience — and therefore more data — in presentations to customers.
Monthly active users, or MAUs, rose 14 percent from the previous year to 1.55 billion, as of Sept. 30. Mobile MAUs came in at 1.39 billion, and both narrowly beat analysts' expectations, according to StreetAccount.