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Now THAT'S how you hit an earnings report homerun! Facebook (FB - Analyst Report) needed to take a few swings first, but finally posted its first giant earnings and revenue beat of its young publicly traded existence: GAAP earnings of $0.13 per share beat the Zacks Consensus Estimate of $0.09, and revenues skyrocketed to $1813 million past the expected $1610 million for Facebook's fiscal Q2.

Year over year, the numbers are truly phenomenal. (Then again, recall that FB's June 2012 quarter was a huge disappointment.) Ad revenues are up 61% from the year-ago quarter, with mobile ads now accounting for 41% of total ad revenue for the company. The "Facebook for Every Phone" initiative now sports more than 100 million active users, according to the company's press release.

You might go so far as to say Facebook has solved its "mobile problem."

Facebook also now has more than one million active advertisers, and its Instagram purchase now seems to be bearing fruit: upon the introduction of Instagram video, the site saw more than 5 million video uploads in the first 24 hours. As a result, revenues are up 53% year over year.

The Zacks ESP foresaw a quality positive earnings surprise for Facebook's Q2 (12 cents per share, or +33.33%), and the company even surpassed that by a penny. While there had been next to no analyst activity on estimate revisions over the past 60 days, the "most accurate" was for a 3-cent beat.

In all, very good news for a company considered dead in the water by some before it even got started. While the share price saw a 1.45% bump in regular trading Wednesday, after posting earnings, FB shares are up 19%.

Hey -- before you know it, Facebook might even start approaching its IPO price!

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