Shares of social networking dynamo Facebook (NASDAQ:FB) seemingly can't be stopped. So far in 2014, Facebook stock has gained another 22%, handily outpacing the Nasdaq, and rival social media growth stock Twitter (NYSE:TWTR).

FB Chart

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With tech earnings season reaching a fever pitch in the week ahead, shares of Facebook should take center stage when Facebook earnings are released after market close on July 23rd.

Facebook earnings: What to expect
Judging by analysts' average estimates, Facebook earnings won't disappoint, with both top- and bottom-line figures expected to expand more than 50% compared to the same quarter last year.

More broadly, this speaks to the investing theme that Facebook's advertising platform has continued to gain momentum, even as other peers, like Twitter, seemingly struggle to create lucrative advertising models of their own. Facebook, however, has enjoyed a critical head start compared to Twitter.

It's also hard to deny the long runways that both Facebook and Twitter could enjoy as they expand their advertising offerings into new mediums. For example, Facebook recently acquired the video advertising firm LiveRail in a move that many believe will portend a more concerted effort on Facebook's part to steal advertising spending from traditional TV networks. And that's just one example. In the video below, tech and telecom specialist Andrew Tonner previews the key numbers and storylines investors should watch for during Facebook's earnings next week.

Andrew Tonner has no position in any stocks mentioned. The Motley Fool recommends Facebook and Twitter. The Motley Fool owns shares of Facebook. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.