Facebook's other recent, big product launch came earlier this month with Graph Search, a tool that lets users search their social connections for information that their friends have shared. It focuses on "natural language" queries such as "music my friends like," "people who like soccer and live near me," or "photos of my friends before 2004."

Still, mobile remains the big focus for investors, and they'll be looking for continued growth.

In October, during last quarter's conference call, CEO Mark Zuckerberg was defensive on the mobile front. He called the concerns overblown, saying "our opportunity on mobile is the most misunderstood aspect of Facebook today."

He also complained that company watchers were looking at numbers from earlier in the year, "when we weren't really trying yet" on mobile.

Facebook is trying now. That has pulled the social network out of its post-IPO slump, but the company still has a long way to go to quiet the tech-bubble naysayers.