Facebook COO Sheryl Sandberg
Facebook Chief Operating Officer Sheryl Sandberg Reuters

Facebook Inc. (NASDAQ:FB) is expected to announce earnings for its second quarter Wednesday after markets close, with an official conference call starting at 5 p.m. EDT. Thanks to growth on mobile platforms and improved tools for advertisers, most Wall Street analysts are bullish about the Menlo Park, Calif.-based company’s Q2 earnings.

Analysts polled by Reuters expect Facebook to post $0.09 earnings per share on $1.62 billion in revenue, compared to a loss of $0.08 EPS on revenue of $1.18 billion in the year-ago period.

Investors will focus on Facebook’s growth on mobile platforms. For Q1 2013, Facebook reported 751 million monthly users from mobile devices, a 54 percent increase from Q1 2012.

A representative from Spruce Media, a Facebook marketing agency, said Facebook pleased advertisers in Q2 by simplifying and improving current products rather than launching new ones. Spruce Media has seen an increase is mobile advertising spending on Facebook.

Advertisers are also optimistic about new opportunities for video advertising on Facebook. Facebook announced video capabilities coming to its subsidiary Instagram in June, leading to more videos on Facebook.

“Facebook has been pitching ad agencies about a completely new updated video ad product centered around TV-like reach with costs approaching $1 million per spot,” Spruce Media said. If this catches on, and Facebook users don't leave the platform because of an influx of video ads, it could provide a profitable new revenue stream for the social network.

To listen to Facebook’s Q2 2013 conference call, visit this link at 5 p.m. EDT Wednesday.

Follow Ryan W. Neal on Twitter