When Facebook (FB) reports earnings on Wednesday, investors can expect to see yet another solid quarter, as the social media giant continues to gain momentum in mobile advertising and focuses on its video efforts.

Wall Street is anticipating $0.97 of earnings per share on $6.9 billion of revenue, according to Factset. Facebook is scheduled to report third-quarter earnings on Wednesday after the markets close.

TheStreet will be hosting a live blog discussing Facebook's earnings on Wednesday after the market closes. Please check our home page for more details. 

The market will want to see overall revenue -- particularly advertising revenue -- increase, said Tigress Financial Partners analyst Ivan Feinseth by phone.

Growing ad revenue "continues to verify Facebook's relevance and importance and the fact that the economy is strong because advertisers are spending money on advertising," Feinseth added.

Improving user engagement, too, will quell concerns among some investors about whether Facebook is starting to lose its relevance and/or if users are spending less time on it, he said, noting that video is Facebook's "next big thing" that the social media company will want to demonstrate results for.

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