Facebook stock surged to a new high in after hours trading after the company beat earnings estimates for the third quarter.
Facebook reported earnings of $0.25 per share on revenue of $2.02 billion, coming in well ahead of Wall Street estimates for earnings of $0.19 per share on revenue of $1.91 billion. Facebook revenue for the quarter was up 60% from the $1.2 billion it earned a year earlier, thanks in part to continued growth in mobile ads.
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Mobile ads now account for 49% of Facebook's total ad revenue — or just under $900 million — up from 41% in the previous quarter and 30% in the first quarter, meaning Facebook is very close to being a truly mobile-first company.
"The strong results we achieved this quarter show that we're prepared for the next phase of our company, as we work to bring the next five billion people online and into the knowledge economy," said Mark Zuckerberg, Facebook's cofounder and CEO, said in a statement.
The social network now has 1.19 billion monthly active users and 728 million daily active users. Perhaps more crucial to investors concerned about Facebook's ability to transition to smaller screens, Facebook now has 874 million mobile active users.
Facebook's stock has rebounded in recent months, climbing to as high as $54 a share, or about three times the low of $17.55 a share it hit last September. The stock shot up by more than 15% in after hours trading and was hovering around the $56 mark as of publication, a new all-time high for the company.

FB data by YCharts
Image: Jim Watson/AFP/Getty