Facebook revenues leap 63% in Q4 driven by solid mobile ad business

Facebook: mobile ad business drives revenue leap
Facebook: mobile ad business drives revenue leap

Facebook has beaten analysts' expectations by reporting a 63% surge in revenues for the fourth quarter, driven by a solid mobile advertising business.

Facebook, which turns 10 next week, has posted record revenues of $2.59bn for the three months to 31 December, with a 76% increase in advertising on the same period last year.

The social network said mobile advertising revenue accounted for 53% of ad revenue for the quarter, up 23% year on year.

Facebook's shares rose more than 7% in after-hours trading, a marked difference on Yahoo, whose results disappointed investors this week.

Full year revenues jumped 55% to $7.87bn and founder Mark Zuckerberg claimed the results were "a great end to the year for Facebook".

He said: "We're looking forward to our next decade and helping to connect the rest of the world."

Facebook said it now has 1.23 billion monthly active users, an increase of 16% year on year. The increase of monthly active users for the quarter was only 3.4% however, which could signal a slowing of growth for the company's user base.

The company accounted for a 5.7% share in all global digital ad revenues last year, and increase from 4.11% in 2012, according to eMarketer, while accounting for 18.44% share of worldwide mobile ad spending in 2013, up from 5.35% in the previous year.

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