Facebook Revenue Surges 63%, Exceeds Estimates

Social networking giant Facebook reached a key milestone in the fourth quarter when more than half of its advertising revenue came from mobile devices.

facebookStrong ad sales

Revenue rose 63 percent to $2.59 billion and profit of $523 million, the company said in a statement.

The boost in revenue had exceeded analysts’ targets, as the company’s mobile ad sales continued to accelerate.

Chief Executive Mark Zuckerberg, who turned Facebook into the world’s largest social network, spent 2013 adding more strategies for advertisers to reach consumers.

Mobile push

Users are spending more time on wireless devices, with mobile promotions generating billions accounting for a 76 percent increase in ad sales.

As marketers shift spending to social media services, Facebook is set to expand their share of the digital ad market.

“It was a great end to the year for Facebook,” Zuckerberg said in a statement. “We’re looking forward to our next decade and to helping connect the rest of the world.”