Facebook said its revenue rose 44.8 percent to $9.32 billion in the second quarter on a surge in mobile advertising revenue.
Revenue rose to $9.32 billion, up from $6.44 billion, during that period - a 45 percent increase. The company reported advertising revenues of $9.1 billion in Q2 2017 in comparison to 6.2 billion in the same quarter past year, a 47% growth.
Facebook has 2.01bn monthly active users, 1.3bn of who log on every day, compared with 166m daily active users on Snapchat.
Facebook doesn't disclose revenue numbers for Instagram, but the platform reached 700 million monthly active users in April.
Kemp reaffirmed his overweight rating and raised his price target for Facebook to $195 from $170, representing 18 percent upside from Wednesday's close. Net income was up 71% year over year, helping Facebook's EPS rise an impressive 69%.
Yet Facebook is throttling back its monetization of all that user engagement. That's a 3% increase from the same period past year and a 2% increase on last quarters results.
Still, most signs point toward Facebook being unable to keep up the pace of revenue growth it's set over the last few years.
While Facebook's revenue continues to grow, some analysts expected the rate of growth will slow down.
Facebook is also spending to ramp up its original shows effort, which is expected to launch in its app's redesigned video tab in the coming weeks. This equals diluted earnings of $1.32 per share, up from $0.78 previous year. Of the two, Messenger is more likely to be tapped as a new source of ad revenue. That warning spooked some investors at the time, although the company has been testing new kinds of ads in recent months, including experimenting with pre-roll and mid-roll video ads (which run either before or during a mobile ad on the service).
Zuckerberg said he wants to see the company "move a little faster" when it comes to ads on Messenger, but added that he is "confident that we're going to get this right over the long term".
"We are making some early investments to create episodic content", Facebook Chief Operating Officer Sheryl Sandberg told CNBC in an interview.
During the earnings call, Zuckerberg discussed how he sees artificial intelligence changing Facebook's business.
Facebook now employs 20,658 people, and has increased its headcount 43% year-over-year.
Capital expenditures for the second quarter of 2017 were $1.44 billion.