News feed ads on mobile devices fueled Facebook's revenue growth.
Facebook appears to have nailed its mobile strategy.
It's worth noting that in 2012, just months after its IPO, Mark Zuckerberg admitted that the company was wrong about focusing on HTML5 and the web. Zuckerberg then vowed to lead Facebook into the world of mobile.
Years of hard work are finally paying off for the world's number one social network.
On Wednesday this week, the company announced its first quarter earnings which ended in March. Facebook's revenue in Q1 this year was $2.50 billion, up by 72 percent from last year in the same quarter.
Meanwhile, advertising revenue was $2.27 billion, an 82 percent increase from the same quarter last year. Facebook announced that mobile advertising revenue represented 59 percent of the overall advertising revenue - that's up by 30 percent.
Furthermore, the company revealed that there were 802 million daily active users in Q1, and that 609 million of them were on mobile. The rate of mobile users has grown 43 percent annually, Facebook said.
"Facebook's business is strong and growing, and this quarter was a great start to 2014," said Mark Zuckerberg, Facebook founder and CEO. "We've made some long term bets on the future while staying focused on executing and improving our core products and business. We're in great position to continue making progress towards our mission."