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Facebook Profits Surge on Mobile Advertising Growth

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Facebook has reported its financial results, and saw its profits triple as the company benefited from a surge in mobile advertising revenues.

The company reported a 72% rise in revenues of USD2.5 billion for the three months to the end of March. Mobile now makes up 59% of its advertising revenue, up from just 30% a year ago, and next to nothing when the company listed its shares.

Net profits jumped to USD642 million from USD219 million a year ago. Capital expenditures for the first quarter of 2014 were $363 million.

It also announced that its active customer base of people using the service at least once a month has reached 1.28 billion, which is nearly half the estimated global internet user base.

Over a billion of its customer base now regularly access the website through a mobil device.

"Facebook's business is strong and growing, and this quarter was a great start to 2014," Mr Zuckerberg said in a statement. "We've made some long-term bets on the future while staying focused on executing and improving our core products and business."

Facebook also announced that David Ebersman will step down as chief financial officer after serving in the position for almost five years. On June 1, 2014, he will be succeeded as CFO by David Wehner, currently Facebook's Vice President, Corporate Finance and Business Planning.

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Tags: facebook  USA