Updated from 4:22 p.m. EDT

NEW YORK (TheStreet) -- Facebook  (FB)  stock was falling 6.07% to $119.45 in after-hours trading on Wednesday as concerns about 2017 revenue outweigh stronger-than-expected results for the 2016 third quarter.

The company expects ad load to "play a less significant factor driving revenue growth after mid-2017," CFO Dave Wehner said on the conference call. Facebook expects ad revenue growth rates to "come down meaningfully," he added.

Wehner noted that 2017 will be an "aggressive investment year."

Additionally, Facebook anticipates non-GAAP expenses to grow between 40% to 45% for 2016, down from past estimates of between 45% and 50% growth, he said.

For the 2016 third quarter, Facebook reported adjusted earnings of $1.09 per share, topping analysts' estimates of 97 cents per share. Revenue grew 59% year-over-year to $7.01 billion, higher than Wall Street's projected $6.93 billion. 

Advertising revenue was $6.82 billion, boosted in part by a surge in mobile advertising revenue. Mobile advertising revenue comprised 84% of Facebook's advertising revenue for the quarter, up from representing 78% of adveritising revenue during the same period last year. 

Monthly active users rose 16% year-over-year to 1.79 billion during the 2016 third quarter. On mobile, monthly active users increased 20% year-over-year to 1.66 billion. 

The social media giant said daily active users grew 17% year-over-year to 1.18 billion. Mobile daily active users rose 22% year-over-year to 1.09 billion. 

More than 90% of Facebook's users access the site through mobile devices, according to Reuters

(Facebook stock is held in Jim Cramer's charitable trust Action Alerts PLUS. See all of Cramer's holdings with a free trial.)

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. 

The team rates Facebook as a Buy with a ratings score of A-. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, impressive record of earnings per share growth, compelling growth in net income and expanding profit margins. The team feels its strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value.

You can view the full analysis from the report here: FB

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