And a big value driver of that value is video.
"I see video as a megatrend on the same order as mobile. That's why we're going to keep putting video first across our family of apps and making it easier for people to capture and share video in new ways." - Mark Zuckerberg, Facebook CEO on the Q4 2016 earnings call.
BTIG's Rich Greenfield raises an important question: does this mean allowing users to upload and share more video or does this mean offering video entertainment to Facebook users? The latter idea is made more interesting by the fact that Reed Hastings, Netflix CEO, sits on Facebook's board.
Each path is a distinct strategy would take the company in different directions.
Meanwhile, the company's ad service business continues growing from strength to strength. Strategic buys including Instagram and Whatsapp helped diversify Facebook's geographical and demographical bets. As for monetization, Facebook has many untouched levers, including using bots enabled commerce within Messenger and Whatsapp. And of course, virtual reality:
"We're going to keep making big investments in VR content, and I'm excited about what's coming in 2017, from new games to more immersive educational experiences." - Mark Zuckerberg, Facebook CEO on the Q4 2016 earnings call