Return on Ad spend grew by 33% YoY while e-commerce mobile spend registered a 23% YoY growth. Global CTRs rose 42% YoY, coming in at 1. 59% for the quarter. Global CPMs rose 10% YoY to $7. 01 while CPCs declined 23% YoY to $0. 44. The slowdown in CPC growth was attributed to an increase in ad spend going to the Facebook audience network, which generated lower ad rates compared to native Facebook ads and also the continued shift to mobile versus PC. However, the declines in the CPC will be more than offset by the growth in impressions, which have been growing at 40%+ rates over the last few quarters. All in all, Facebook's operating metrics indicate a strong performance through the holiday quarter, which should also reflect in Facebook's Q4 earnings report. Facebook Earnings Estimates And RevisionsWall street consensus is for Facebook to report EPS of $1. 31 cents on top line of $8. 5B, implying a 65% YoY growth in earnings and 45% YoY revenue growth. The analyst consensus has risen by 8. 3% over the last 90 days, when the consensus earnings estimate was $1. 21 at the end of October 2016. The earnings whisper number anticipates Facebook to report an EPS of $1. 37, good for a 6 cent earnings surprise and a 73. 4% YoY growth. As covered in the earlier paragraph, strong readings across the core metrics in addition to the increased monetization efforts at Instagram, also owned by Facebook, make an earnings beat highly probable. Facebook Earnings History And Post-Earnings Stock Price MovementFacebook has a very strong track record of trumping analyst estimates. The company has beaten analyst estimates in 16 out of the 18 earnings reports the company has released over its life as a publicly listed company. The company has delivered an earnings surprise in each of the last 4 quarters, with an average earnings surprise of 20. 2%. Facebook stock has traded strongly following earnings announcements, with the stock rising by an average 4. 3% in the one trading session following the last 4 earnings reports. Hence, a beat/miss on the Q4 2016 numbers on Feb 1 could well decide the post-earnings movement of Facebook stock price. Putting It All TogetherFacebook is scheduled to report its Q4 2016 earnings after the market close on February 1. Wall Street analysts expect the company to report earnings of $1. 31 on revenue of $8. 5B, good for strong YoY growth. The current earnings whisper anticipates a 6 cent EPS beat. The likelihood of an earnings beat is also supported by Facebook's record of consistently delivering earnings surprises and also the strong performance across core metrics during the holiday quarter, as reported by Nanigans. However, a word of caution for the long term investor. Facebook stock presents a solid investment opportunity supported by explosive revenue/earnings growth, the potential of Instagram and growing video ad revenue. Therefore, long-term investors should continue to accumulate Facebook stock on dips and use any post-earnings pullback to buy Facebook stock at lower prices.