Facebook, (FB) the social media giant that if it were a country would be the most populous in the world, will report its fourth quarter earnings results after the market close on Wednesday.

"We like the setup with Facebook going into this print tonight," RBC tech analyst Mark Mahaney said on CNBC's "Halftime Report" Wednesday afternoon.

"Remember, last quarter they only had marginal upside, warned people about revenue growth deceleration this year and an aggressive operating expense investing environment," he added.

Nevertheless, Mahaney feels as if all the guidance issued by Facebook last quarter is "more than encapsulated" in the analysts' projections. He also likes the stock at its current price of $132 because it is one of the low-cost entry points to get into Facebook since its IPO.

"The one long-term issue that I am really concerned about with Facebook, is that as you listen to Amazon (AMZN) and Google (GOOG) L these are companies that are building services across devices," Mahaney said.

While Amazon and Google seem to have demonstrated the understanding that its products need to be "everywhere", Facebook may be lagging. "Facebook is not there, and I wonder where that is in its growth strategy."

Here's what Jim Cramer thinks of Apple and Facebook shares:

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

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