On Facebook's last earnings call in October, CEO Mark Zuckerberg spoke excitedly about the company's growth opportunities in its Stories product, an important segue for investors who were focused on the disappointing revenue and user numbers.
"I just think that this is the future," Zuckerberg told analysts. "The opportunity will be even bigger because it looks like Stories will be a bigger medium than Feed has been."
Facebook is undergoing a major shift in how it generates revenue from advertisers. Instead of counting on ads sold across the site's core News Feed and the feed on Instagram, Facebook is gearing up to make more money from Stories, the user-generated photos and videos that take over an entire screen.
Investors will be eagerly awaiting an update on how well that plan is working when Facebook reports fourth-quarter results after the closing bell on Wednesday.
Analysts expect Facebook to report revenue growth of 26 percent to $16.4 billion, from $13 billion a year earlier, according to estimates compiled by Refinitiv. That would mark the slowest year-over-year growth for any quarter since Facebook's IPO in 2012. Net income likely increased to $2.19 a share from $1.44 a year earlier, when earnings were reduced by 77 cents a share due to changes in the tax code.