Wall Street expects Facebook to post a higher quarterly profit, driven by surging sales of mobile video ads, when it releases financial results for the second quarter after the market closes Wednesday.

Here are Wall Street analysts’ estimates for second quarter metrics:

• EPS: $1.13 expected, according to Thomson Reuters, up from $0.97 a year ago
• Revenue: $9.2 billion expected, according to Thomson Reuters, up 43% from a year ago
• Mobile ad revenue: $7.68 billion expected, according to StreetAccount
• Monthly users (MAUs): 1.98 billion expected, according to StreetAccount
• Capital expenditures: $1.73 billion expected, according to StreetAccount

Facebook has been adding more video and display ads to the mobile version of its app as more consumers access the internet via their smartphones. The company is expected to add short TV-like programming this summer.

Mobile ad sales now provide most of Facebook’s revenue and are expected to hit $7.68 billion for the quarter, according to estimates from StreetAccount.

The market for digital video (not including traditional TV ads) is projected to rise 19 percent this year to $11.7 billion, according to data from the research firm eMarketer, cited in a May report from the Interactive Advertising Bureau.

Facebook’s revenue growth rate is twice that of Alphabet unit Google, its larger rival in the online ad market, which earlier this week reported ad sales growth of 19 percent for the second quarter.

Its shares are up more than 40 percent this year, more than twice the gain of the Nasdaq Composite Index.

This is a breaking news story. Please check back for updates.

Source: Tech CNBC
Facebook slated to report earnings after the bell