In this season of great earnings expectations, all the big tech names so far have disappointed – except for one.

Facebook bucked a string of dismal tech earnings Wednesday, beating Wall Street forecasts on almost every critical metric. The world’s largest social network said it grew to 1.65 billion monthly users and made $5.38 billion over the first three months of this year, more than the $5.25 billion many analysts were expecting. Profit was 77 cents a share, which blew away the 63 cents most analysts polled by Bloomberg had been expecting. The stock soared 8.5 percent in after-hours trading.

Of particular note was mobile advertising, which makes up 82 percent of Facebook’s ad revenues – a sign the company is making a successful transition to mobile, where many of its rivals are struggling.

Facebook executives attributed some of that success to the company’s efforts to streamline its ad-selling tools. “We’ve made it easier for (small- and medium-sized) businesses to use the same targeting tools and ad formats that our larger advertisers use,” Facebook chief executive Mark Zuckerberg said on a conference call with investors.

Sheryl Sandberg, Facebook’s chief operating officer, added that many marketers have told Facebook that trying to figure out the shift to mobile advertising is like the early days of television. The social network, she said, has made it a mission to help marketers specifically tailor their ads for a mobile world – where things must be shorter and often without sound.

Sandberg said Nestlé, for instance, tried running both a traditional television ad and a mobile-optimized ad on the site. The mobile version, she said, performed better in engagement and promoting product awareness. Other features, such as auto-captioning, have led people to spend 12 percent more time with an ad.

In terms of overall earnings results, it’s been a different story recently for many of the other big names in Silicon Valley. On Tuesday, Apple’s stock took a dive after it reported soft iPhone sales for the first time and its first revenue drop since 2003. Twitter stock also plunged after it said ad spending by big-name marketers was much weaker than it had expected. Last week, profit at Google’s parent company, Alphabet, missed Wall Street forecasts. So did Microsoft, on slowing growth in its cloud business.

Given the glum results from most big tech names and the lone bright spot of Facebook, should tech investors be worried about weakness in the broader sector?

Not so fast, said Sheraz Mian, research director at Zacks Investment Research. He thinks the earnings misses are part of a larger story.

“The lack of growth is an ongoing issue, not just in the tech sector but across the board as well,” Mian said. Tech firms have been performing a little better than others for the past couple of earnings seasons, Mian said, setting high expectations from analysts.

Some of the companies also face other problems, he said. Apple’s struggles as smartphone growth has slowed have been well-documented. Microsoft has also been fighting a long battle, against shifting technologies that have hurt its traditional enterprise business. Google has been criticized for spending too much on long-term bets that haven’t paid off yet.