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Facebook is the new Google

Facebook Inc. is emulating the playbook of Alphabet Inc., with a new class of stock that keeps the company in the control of its founder so he can continue to make big bets of the type that are paying off on Wall Street.

Chief Executive Mark Zuckerberg seems to deserve the trust, as investors saw on Wednesday. Facebook’s first quarter revenue surged 52%, boosted by huge growth in mobile ads, and earnings blew past analysts’ estimates. The stock reached a peak in after-hours trading that would put Facebook at a new record high.

Like Alphabet’s Google GOOGL, -0.54% GOOG, -0.32% business before it, Facebook is becoming an Internet advertising juggernaut while warning investors that spending is going to increase going forward. Much like...