Updated with additional analyst comments.

Facebook  (FB - Get Report) reported strong increases in almost every area on Wednesday in its second quarter earnings report, proving the social network's success at monetizing its content, at least for now.

The Silicon Valley-based company reported more than $6 billion in total revenue -- notably driven by the large portion of mobile advertising revenue that represented 84% of ad revenue for the quarter.

The social network reported 1.13 billion daily active users on average in June 2016, with 1.03 billion mobile daily active users alone, an increase of 22% year-over-year.

The numbers outperformed many analysts predictions for the quarter, and point to significant changes in the company's mobile and advertising strategies.

Shares of Facebook were trading up 3.3% to $127.33 in morning trading on Thursday.

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Here's what a few analysts were saying:

Lloyd Walmsley, Deepak Mathivanan, Kevin LaBuz and Aki Aggarwal, Deutsche Bank (Buy rating, $170 price target)

"Stepping back from the metrics, FB feels very similar to GOOG from '06-'08, its multiple is compressing despite incredible financial results. GOOG's multiple stopped going down at 24x EPS pre-recession, a few turns down from where FB currently trades, and was a money-maker during that era. Hence we see upward estimate revisions and new innovation driving the stock higher (vs. multiple expansion) from here. Buy."

Ronald Josey, Andrew Boone and Shweta Khajuria, JMP (Market Outperform, $165 PT )

"Newer ad formats, such as Dynamic Ads, Lead Ads, and Canvas ads led to increased advertiser demand in 2Q and we believe FB is expanding the broader online advertising market as advertisers increasingly turn to the platform given its reach, targeting capabilities, and ROI. This, as engagement remains strong with mobile DAUs crossing 1B with time spent across Facebook, Instagram, and Messenger growing double-digits Y/Y in 2Q; management highlighted strong engagement across teens and millennials."

Evan Wilson and Tyler Parker, Pacific Crest (Sector weight, PT n/a)

"Q2 revenue and EBITDA were $6.44 billion and $4.35 billion versus our estimates of $6.06 billion and $3.90 billion. EBITDA margin was 67.6% and better than our estimate of 64.3%. Capex was higher than expected at $1 billion versus our estimate of $850 million, which is opposite from the historical trend but similar to last quarter. Facebook is ramping spending across the business and looks more likely to actually spend to its capex guidance for the first time as a public company."

Youssef Squali, Kip Paulson, Naved Khan, Cantor Fitzgerald (Buy, $160 PT)

"Growing engagement on 1.7B users, combined with innovative and high-performing ad formats has resulted in accelerating top-line growth in both 1Q:16 and 2Q:16. FB remains a top pick for us given 1) its position as the largest/most engaging Internet platform, offering personalized marketing at scale; 2) the massive video-viewing shift from TV to online, with Facebook as a natural destination for it; 3) migration of ad$ to mobile/social; and 4) yet untapped monetization potential for WhatsApp, Messenger, and Oculus."

Jefferies US Internet Team (Buy, $170 PT) 

"It was another huge beat driven by the soaring mobile ad business. Instagram is ramping quickly, and FB narrowed its expense outlook. But 2017 now looks more challenging given the very tough comps and new guidance around the stabilization of ad-loads in mid-2017. A larger question for us is whether Snapchat's rapid rise will impact Instagram's growth trajectory; we argue this could occur as early as 4Q."

Daniel Salmon, BMO Capital Markets (Market Perform rating, $145 PT)

"We believe Instagram is becoming a more material driver of outperformance, particularly in light of Twitter's weak results yesterday. And while Snapchat continues to ramp its ad strategy, we believe it primarily remains in large advertisers' experimental budgets and is not slowing the growth of budgets to Facebook and Instagram. Most importantly, however, we increasingly see 'sum is greater than the parts' value creation as advertisers begin to use Facebook, Instagram, and FAN together."

Jason Helfstein, Kevin Gallagher, Jed Kelly and Bo Pang, Oppenheimer (Outperform rating, $150 PT)

"Advertising revenue 9%/7% above Opco/consensus, fueled by strong user growth, pricing, and ad load increases. We note headroom for short-term monetization as video/Instagram remains under-monetized, and FB continues to drive engagement through innovation. Longer term, there are opportunities to monetize commercial search, Messenger/WhatsApp and Live Video."