Bernstein Research analyst Carlos Kirjner said Monday that Facebook Inc. is likely to beat Wall Street's revenue expectations over the next 12 to 24 months. He expects Facebook to hit $6.98 billion in revenue in 2013, some 9 percent higher than the average analyst's expectation. In 2011, the social network reported revenue of $3.71 billion.
Kirjner upgraded Facebook's stock to "Outperform" from "Market Perform," saying that mobile advertising will drive revenue growth.
Facebook's stock was up over 8 per cent in intraday trade. It's still down 32 percent from its initial public offering price of $38.