NEW YORK (TheStreet) -- Facebook (FB) is facing big expectations as it gears up to release its third-quarter earnings after the market closes Wednesday.

Analysts surveyed by FactSet are anticipating the social media giant will report earnings per share of 97 cents on $6.9 billion in revenue, but what may be most important is what Facebook says about growth in advertising.

"We continue to see an upside potential in ad revenues vs. the way the Street has things modeled now," UBS analyst Eric Sheridan said Wednesday on BloombergTV's "Bloomberg Daybreak." "That's going to be driven by Instagram, video, as well as e-commerce. I think those are the three big drivers."

Facebook and Alphabet's (GOOGL) Google are the biggest players in the mobile advertising business, and there may come a time when Facebook struggles to grow its ad business as the two companies gobble up market share, Sheridan added.

"I think there is a battle setting up in the medium to long-term around where video ad dollars go between the television platform and the mobile ad platform," he said.

Shares of Facebook were virtually flat in Wednesday morning trading.

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