Mobile ad revenue lifts Facebook past Wall Street targets

Facebook Inc delivered its strongest revenue growth in two years, beating Wall Street targets as the Internet company's mobile ad sales continued to accelerate. Shares of Facebook surged 12 percent to $59.98 in after-hours trading on Wednesday. The world's largest social networking company said that revenue from mobile ads represented 53 percent of its total advertising revenue in the last three months of the year, or $1.24 billion, versus the 49 percent proportion that mobile ads represented in the third quarter. Facebook said it now has 1.23 billion monthly users, with 945 million accessing the service on a smartphone or tablet.

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