Facebook's flourishing mobile ad business helped the social network report strong results for the third quarter of 2014.
Revenue was up 59% to $3.2 billion, as the company's profit almost doubled to $806 million.
When Facebook started selling mobile ads in 2012, not even the keenest optimists could have predicted how huge a business they would soon become. In each of the past six quarters, mobile ads accounted for more then 90% of Facebook's revenue growth. In the past three months, mobile ad revenue amounted to $1.95 billion, up 122% or $1.07 billion from last year's September quarter. Mobile ads now account for 66% of Facebook's advertising revenue and 61% of total revenue.
Despite the positive results, Facebook's shares are currently down 6% after the company's CFO David Wehner announced a steep increase in investment-related expenses which will hurt the company's profitability in 2015.
This chart shows Facebook's revenue growth since the first quarter of 2012.
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