Wall Street is going nuts for Facebook after its incredible quarter

Facebook smashed it last quarter, and now Wall Street is going nuts.

The social networking giant reported its Q2 2016 earnings on Wednesday - and the numbers beat analysts' expectations on just about every important metric.

Revenue was up 59% year-on-year, and daily active users were up 17%. The stock rocketed 8% in after-hours trading, reaching a new all-time high, before settling at around 5.5% up.

Growth rates in the coming quarters will likely be lower, CFO David Wehner has cautioned. But in research notes published after the results were announced, analysts are still going wild for Facebook's prospects.

We've rounded up commentary from 19 research notes on Facebook's stock, and you can read it all below. But first, here are the key numbers, via my colleague Jillian D'Onfro:

• Q2 earnings per share (adjusted): $0.97 vs expectations of $0.82.
• Q2 revenue: $6.44 billion versus $6.02 billion expected, up 59% year-over-year.
• Q2 monthly active users: 1.71 billion (1.69 billion expected), an increase of 15% year-over-year.
• Q2 daily active users: 1.13 billion (1.12 billion expected), up 17% year-over-year.