Following a string of so-so to disappointing quarters through most of 2015, social media giant Facebook (FB – Analyst Report) posted very impressive Q3 earnings after the bell Wednesday. Earnings per share of 36 cents in the quarter (accounting for stock-based compensation and other non-recurring items [BNRI]) beat the Zacks consensus estimate of 35 cents, and revenues reached $4.50 billion, easily topping the $4.39 billion we had expected.

Of course, the real story of Facebook is in its user growth and increased ad revenues, not the bottom line (this is what has accounted for 38 percent growth in Facebook shares year over year despite missing EPS numbers in the previous 3 quarters). And on this score, Facebook has done extremely well: Daily Active Users (DAU) topped 1 billion, mobile DAU gained 27 percent year over year to 894 million and mobile Monthly Active Users (MMAU) increased 23 percent to 1.39 billion users.

Importantly, 78 percent of Facebook’s advertising revenues in Q315 came from mobile, way up from 66 percent in Q314. Average revenue per user is now closing in on $3 at $2.97. Facebook’s Instagram business performed particularly well in the quarter; you may recall Facebook paid $1 billion to acquire the social media competitor early in Facebook’s public existence, and this looks to have already paid off quite nicely.

CEO Mark Zuckerberg commented on the earnings press release: “We had a good quarter and got a lot done… We’re focused on innovating and investing for the long term to serve our community and connect the entire world.” Not too shabby. After-market trading is sending Facebook shares up another 2.75 percent after an initial pop of around 5 percent. It would appear its economies of scale have yet to catch up to Facebook’s impressive growth.

Within the Internet-based family of companies reporting after the bell, cyber-security firm FireEye (FEYE – Snapshot Report) also reported Q3 results, but the stock is selling off more than 14 percent in late trading. Although FireEye posted an improved loss of 75 cents per share from the Zacks consensus of -88 cents per share (again, including stock-based compensation and other BNRI) on sales of $166 million in the quarter (just a smidge light of the $167 million we’d expected), but Q4 guidance was disappointing. While the Zacks consensus had been expecting $202 million for the final 3 quarters of the year, FireEye now expects between $182-190 million.

Finally, Microchip Technology (MCHP – Analyst Report) announced earnings of 59 cents per share (ex-BNRI, etc.) on sales of $559.4 million in its fiscal Q2 of 2016. This beats the Zacks estimates of 57 cents per share and $552 million, respectively. However, while the company did point out it has now posted profits in 100 straight quarters, CEO Steve Sanghi also remarked, “”We believe that industry conditions continue to be very weak.”

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