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Expectations Are Running High for Facebook's Latest Earnings

When Facebook (FB - Get Report) reports first-quarter results on Wednesday after the market closes, all eyes will be on the company's user numbers and advertising revenue growth.

For the first quarter, Wall Street is expecting Facebook to deliver revenue of $5.25 billion, Ebitda of $2.67 billion and earnings per share of $0.62.

After delivering solid numbers in the fourth quarter, Facebook has significant upside in the upcoming quarter, RBC Capital Markets analyst Mark Mahaney wrote in a note on Monday. (RBC Capital Markets has an outperform rating on Facebook and estimates the company will beat revenue, Ebitda and EPS targets.)

"Facebook has continued to grow users at a reasonably robust pace off a very large base," he said, noting that it delivered a 14% year-over-year growth in users last quarter to almost 1.6 billion users. User engagement, which is indicated by Daily Average Users (DAU) and Monthly Average Users (MAU), also hit an all-time high last quarter.

Mahaney estimates that Facebook will grow its MAU by 13% year over year to 1.63...