Then the next day, a report from Capstone Investments found that Facebook in the U.S. and other major markets.

"Facebook's first earnings call is extremely important for them," said Karsten Weide, an analyst with IDC. "Their advertising sales growth has slowed dramatically in recent quarters, more than it should have for a company with Facebook's supposed promise. They will have to prove they can turn this around and accelerate growth again."

Weide said she expects Facebook co-founder and CEO Mark Zuckerberg, along with executives from sales and advertising, to speak during the earnings call, which is scheduled for 5 p.m. EST.

"If they have good news on revenue growth, the stock price will go back up to perhaps $32, otherwise it may tank, down to $26 or even less," Weide said.

Jordan Rohan, a financial analyst with Stifel, Nicolaus & Company Inc., said it's possible that Facebook's sagging stock price will rise after the earnings call, despite some expected good and bad numbers.