After posting stellar quarterly results, reaching 500 million Instagram users, crossing the 1 billion user mark on Messenger and completing the first successful flight of Aquila,  Facebook's solar-powered, Internet-beaming drone, you'd think Mark Zuckerberg and company might take some time to celebrate, but you'd be wrong.

"We have a saying at Facebook that our journey is only 1 percent done," said Zuckerberg on Wednesday during his company's quarterly earnings call. "And while I'm happy with our progress, we have a lot more work to do to grow our community and connect the whole world."

Zuckerberg praised and pushed his team after releasing results for the company's  latest quarter, in which Facebook posted revenues of $6.4 billion, easily dashing past analyst expectations. The company also managed to add another 60 million monthly users, bringing its total reach to 1.7 billion users worldwide. Altogether, it was an impressive three months for the social network giant, and Wall Street reacted accordingly, sending the company's stock price soaring 6 percent in after-hours trading.

"Facebook is firing on all cylinders. The company has positioned itself as the leader in the social media space," said Matthew Tuttle, chief investment officer at Tuttle Tactical Management. "Investors can't buy enough stock."

But Zuckerberg and his followers are not ones to rest on their laurels. The CEO, his high-powered No. 2 Sheryl Sandberg and CFO David Wehner spent the bulk of their call focusing attention to Facebook's video offerings, which are shaping up to become the social network's next major source of user content and ad revenue.

"We see a world that is video-first with video at the heart of all of our apps and services," Zuckerberg said.

Over the past two years, the social network has been busy building up Facebook video, and in the past few months, the company has been endlessly promoting Facebook Live, its live streaming feature. The work is beginning to pay off with Wehner saying video made significant contributions to the company's growth in the amount of time users spend on Facebook's service.

"For Facebook to beat the lofty expectations for their earnings, I think it shows that video, and its importance to marketers and advertisers, is growing faster than any of us truly realize," said Joe Hyland, chief marketing officer of On24, a video marketing company. "We'll continue to see advertisers move their money from television to mobile video platforms like Facebook."

The company did not say how much of a contribution video is making toward its advertising revenue--frustratingly, it did not breakout Instagram's contributions either--but analysts are predicting that video is set to become a major driver in the quarters moving forward.

"People want instant gratification. They don't want to wait," Tuttle said. "Video provides a great way to interact without completely losing the human interaction/element."

Facebook's dominant second quarter comes after a few signs of trouble in paradise. In April, the company had to weather a report that user original content postings were down. Additionally, the social network has increasingly seen competition from Snapchat, the Los Angeles social messaging app that threatens to steal younger users, but at least for now, Facebook appears to have staved off both of those threats.

"A big key to Facebook's success is that their purpose has always been crystal clear," said Jason Moser, an analyst for Motley Fool. "Every decision they make centers around connecting the world and when you know what you are and what you're trying to do that can be extremely powerful."

Published on: Jul 27, 2016