Facebook Is Up 18% Pre-Market After Huge Earnings Beat

Following strong earnings growth, Facebook is up huge in pre-market trading.

Earnings per share were at $0.31 ($0.27 estimated) while revenue was at $2.59 billion ($2.35 billion expected).

Shares are launching up 18% pre-market.

Mobile ad revenues paved the way for the earnings beat.

"Facebook is basically a mobile company right now - a majority of its revenues come from mobile, not from the desktop product," explained our Jim Edwards. "And the vast majority of its active users are mobile users."

The company is seeing upgrades across Wall Street today.