Facebook (FB) - Get Report is proving that tech wreck theory is wrong.

"It also bust the whole theory that tech is dead," said Jim Cramer of TheStreet, adding that the social media giant has nicely tackled the solution to mobile.

Facebook is now generating more money on mobile than on desktop -- an unusual feat for an Internet company -- Cramer added.

Menlo Park, Calif.-based Facebook reported first-quarter earnings on Wednesday after the markets closed. It posted $5.38 billion in revenue during the first quarter ending March 31, up 52% from $3.5 billion in the revenue it generated over the corresponding period last year. Earnings per share came in at 77 cents, compared to 42 cents the prior year.

For the first quarter, Wall Street was expecting Facebook to deliver revenue of $5.25 billion and EPS of 62 cents.

Among the main drivers for Facebook was its stellar growth in advertising revenue. Advertising revenue, which grew nearly 60% year-over-year to $5.2 billion with mobile advertising revenue representing about 82% of all advertising revenue for the quarter.

Facebook hinted at more aggressive investments in its core ecosystems during a call with investors, with founder and CEO Mark Zuckerberg asserting that he sees more bold moves ahead of the company.

Shares of Facebook are flying 8% mid-day Thursday to $117.50 a piece.

"New ad product innovation continues at a steady pace ... focused on a post-click, fast-loading mobile experience that is functionally the ad equivalent of an Instant Article," wrote BMO Capital Markets analyst Dan Salmon in a Wednesday note. "We believe the key upside opportunity is to commence partnerships on Messenger, which are picking up."

"We continue to be positively inclined on the shares and see them as a core holding, but we also wee potential risk to profit estimates in out years if content investment must accelerate to support ad revenue growth, thus diluting margins," Salmon further added.

Separately, Facebook also announced Wednesday that the board has agreed to create a new class of nonvoting stock, or Class C capital stock. If the proposal is approved, the company will issue two shares of Class C as a one-time stock dividend for each share of Class A and Class B common stock.

The internet company said the proposal, which will be subject to approval at the 2016 annual shareholder meeting on June 20, will create a capital structure that will enable Zuckerberg to "remain in an active leadership role at Facebook."