Facebook's revenue rose 42 percent in the first quarter of fiscal year 2015, despite losses from the rising United States dollar.
Although the revenue rise fell just below estimates predicted by many analysts, the company is still reporting favorable gains.
"Facebook remains one of our Top Long Recommendations in the Large Cap Net sector. Facebooks's Q1 P&L and Metrics results were intrinsically very strong," RBC Capital Markets analyst Mark Mahaney said, according to USA Today.
"We see the company correctly ramping up investments - from a position of strength - in many promising, high-growth areas. And those high-growth areas represent four greenfield revenue opportunities that can contribute well over $2 billion in incremental revenue in 2015."
Facebook is said to be benefitting tremendously from the ongoing rise in mobile and video advertising, which it facilitates on all of its platforms. Given this, many analysts have granted the social media network's stock a "buy" status.
Price targets for Facebook stock range from approximately $85 to $100 per share, with most estimates tending to fall in the latter section of that range. Facebook video, which delivers approximately 4 billion viewers daily, is also said to be responsible for the revenue increase.
"The key to the Facebook story continues to be its ability to succeed on the mobile platform, where significant ad dollar growth is likely to occur for multiple years," Sterne Agee analyst Arvind Bhatia said, USA Today also reports.
"For example, in the U.S., mobile gets 25 percent of consumers' media time but only 10 percent of ad budgets today implying there is significant room for industry growth ahead."
Facebook was founded in 2004.
