Communication services exchange traded funds were among the standout performers on Thursday after Facebook (NasdaqGS: FB) crushed its quarterly earnings expectations.

Among the best performing non-leveraged ETFs of Thursday, the Communication Services Select Sector SPDR Fund (XLC) increased 2.8%.

Meanwhile, Facebook shares jumped 7.3% on Thursday. FB makes up 22.0% of XLC’s underlying portfolio.

Facebook revealed revenue of $26.17 billion for the quarter, up 48% year-over-year, CNBC reports. Additionally, the social media giant’s net income grew 94% to $9.5 billion, from $4.9 billion a year prior.

“Facebook seems to be in a sweet spot where it is growing revenue at record cadence while keeping ad load relatively in check (evidenced by the 12% impression growth vs. DAU 8% Y/Y),” Barclays analyst Ross Sandler told MarketWatch. “Nascent product areas like commerce, paid messaging and the creator tools provide bulls with new upside scenarios.”

The company attributed the significant jump in revenue to a 30% year-over-year rise in the average price per ad and a 12% increase in the number of ads delivered, as the ongoing coronavirus concerns helped drive increased online traffic.

Facebook projects revenue growth to remain stable or accelerate modestly in the second quarter. The company, though, warned that revenue growth in the third and fourth quarters could significantly decelerate compared to the fast growth experienced during the same period last year.

“GOOGL and FB Q1 results clearly point to the Permanent Pull Forward (PPF) of demand from COVID, with both companies showing impressive acceleration in Revenue growth, tho (sic) we would note that FB’s was even more impressive,” Evercore ISI analyst Mark Mahaney said in a note late Wednesday. “We also believe FB has been one of the most aggressive investors into new growth opportunities throughout this COVID period, which should set them up for several years of sustained premium revenue growth.”

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