The social media space is likely to be on fire post LinkedIn (LNKD) and Facebook (FB) earnings releases. The space is guilty of high beta issues but impressive corporate earnings from many of the companies should light up the space and the related ETF. Below we highlight a few social media earnings and their stock market impact. LinkedIn Q1 LinkedIn’s first-quarter revenues increased 35% year over year to $860.7 million, surpassing the Zacks Consensus Estimate of $828 million. The online job services media site posted non-GAAP earnings of 74 cents per share (reported by the company), up from 57 cents in the year-ago quarter (read: LinkedIn Crashes: Should You Connect with Social Media ETF?). For the second quarter of 2016, LinkedIn guided for revenues between $885 million and $890 million. This surpasses our current consensus estimate of $882 million. Shares were up 8.1% in the aftermarket session on April 28, 2016. Investors probably sensed stellar results beforehand as LinkedIn shares added 3.5% in the trading session of April 28, 2016. Facebook Q1 If this was not enough, Facebook also came up with top and bottom line beats for Q1. Adjusted earnings per share (accounting for stock-based compensation and other non-recurring items) and revenues of 57 cents and $5.382 billion breezed past the respective Zacks Consensus Estimate of 44 cents and $5.234 billion. Post release, shares added 7.2% in the key trading session of April 28 (read: Another Blowout Quarter for Facebook: ETFs to Ride On). Twitter Q1 Twitter (TWTR) is a drag in the space. Twitter’s revenues of $594.5 million came in way below the Zacks Consensus Estimate of $607 million. Adding to more worries, Twitter issued second-quarter revenue guidance of $590 million to $610 million, which was way below the Zacks Consensus Estimate of $678 million. Twitter’s adjusted loss of 7 cents per share was narrower than the Zacks Consensus Estimate of a loss of 13 cents. Stock dived 17.5% (as of April 28) since reporting earnings on April 26, 2016. Market Impact Forget Twitter, the reaction to stellar results from LinkedIn and Facebook should drive Global X Social Media Index ETF (SOCL) – a pure play on the social media space – higher. This is because of the fact the SOCL allots a meager 2.4% in Twitter. Investors can thus easily use the recent ascent in the above-mentioned stocks as a buying opportunity of SOCL. Through SOCL, investors can simultaneously be in touch with the most sought-after social media companies (see all technology ETFs here). SOCL in Focus SOCL focuses on companies across the world engaged in some aspect of the social media industry. The in-focus LinkedIn takes the fourth spot in the fund accounting for about 6.8% in the portfolio while Facebook takes the first spot with 13.1% weight. SOCL has company-specific concentration risk putting more than 60% investments in its top 10 holdings. The product charges 65 bps in annual fees. SOCL has lost about 6% year to date (as of April 28, 2016), but may add solid gains in the coming days. The fund has a Zacks ETF Rank #2 (Buy) with a High risk outlook. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report TWITTER INC (TWTR): Free Stock Analysis Report LINKEDIN CORP-A (LNKD): Free Stock Analysis Report FACEBOOK INC-A (FB): Free Stock Analysis Report GLBL-X SOCL MDA (SOCL): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report