Facebook Inc. (NASDAQ:FB) is expected to swing to a profit when it reports its third-quarter earnings on Wednesday after markets close. Wall Street analysts have high expectations for Facebook after its shares doubled in the last three months and faith in its mobile advertising strategy has grown.

The consensus among 39 analysts polled by EarningsForecast.com is that Facebook will post an 18 cents-a-share profit on revenue of $1.91 billion. That compares to a loss of 2 cents a share on revenue of $1.26 billion in the year-ago period.

The company will host a conference call at 5 p.m. EDT Wednesday to discuss the results

Once again mobile advertising will be the focus of Facebook’s Q3 earnings report. In the 2013 second quarter, Facebook reported that mobile ad revenue made up 41 percent of its $1.6 billion of ad revenue, or about $656 million. Analysts predict that mobile ad revenue will grow this quarter and be somewhere in the range of $760 million to $840 million.

A representative from 3Q Digital, a digital marketing agency, said Facebook made major strides in the third quarter with new types of News Feed ads.

“While beneficial for desktop performance, the new ads also happen to look great on mobile devices,” 3Q Digital told IBTimes in an email, adding that the new features have improved Facebook ad performance. “Better yet, Facebook allows us to target the News Feed on mobile devices only so advertisers are able to curate specific ads that they believe will perform better on mobile devices or, more importantly, ads that take the users to a mobile-specific landing page.”

Investors are also hoping to hear about video ads and Facebook's plan to monetize Instagram, which will feature ads from Adidas, Lexus and Levi’s rolling out in the coming weeks. Some analysts predict Instagram could generate an extra $1.7 billion in revenue for Facebook by 2015.

To listen to Facebook’s Q3 2013 conference call, click here at 5 p.m. EDT Wednesday.