Live Blog Facebook Q1 Live Blog

SAN DIEGO (TheStreet) -- Wall Street's confidence in Facebook's (FB) - Get Facebook, Inc. Class A Report ability to make even more money from its ads on mobile, where its 1.39 billion members are now spending most of their time, will likely be reassured when the social network reports first-quarter results.

Analysts polled by Thomson Reuters are anticipating earnings of 40 cents per share on $3.56 billion in revenue when the company reports results after market close. They're expecting Facebook's burgeoning mobile advertising business, which accounted for 69% of advertising revenue in the fourth quarter, to show continued strength and bring in $2.4 billion in revenue, or 72% of total ad dollars. 

Facebook shares closed Tuesday at $83.63 and sentiment for the stock is positive. Shares are up around 10% since Facebook reported its fourth quarter results on Jan. 28, and are less than 3% shy of its all-time high of $86.07.

Mobile may be the key to Facebook's first-quarter results, but analysts will also be listening closely on the company's conference call for signs that video ads can contribute to revenue growth in future quarters. "While mobile has been the main driver of growth in the last two years, video should start moving the needle more meaningfully throughout 2015 and 2016," Cantor Fitzgerald analyst Youssef Squali wrote in a note.

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Facebook's fastest-growing apps are also of special interest to Wall Street. Analysts are particularly excited about the prospects from Instagram ads and are keen to hear how a more grownup Facebook Messenger will factor into Facebook's business.

In a March 24 post, TheStreet's Jim Cramer said he was impressed by some of the recent changes at Facebook:

Now, Facebook is flexing its muscles. Think of it. In the last year, Facebook has said it wants to be your place for sports with its NFL video clips deal. It wants to be your bank as we just learned. And now it wants to be your newspaper of record.

It all works for me.

If there are any bumps in the road on Wednesday, they will rising expenses, which have scared away investors in the past, or a worse-than-expected hit from a strong U.S. dollar. Fluctuations in foreign currency could impact results by 9% percent, according to Wedbush Securities.

TheStreet will be live-blogging the event, starting at 3:45 p.m.