(Corrects mobile ad revenue number in third paragraph)
By Alexei Oreskovic
SAN FRANCISCO Oct 30 Facebook Inc topped
Wall Street's revenue targets on Wednesday, as robust growth in
its mobile advertising business drove a 60 percent increase in
Shares of Facebook, the world's No.1 online social network,
rose 15 percent to $56.45 in after-hours trading.
Revenue from mobile ads, which appear on smartphones,
represented 49 percent of Facebook's total advertising revenue
in the third quarter, or roughly $880 million. Mobile ads
generated roughly $150 million in the year-ago period, when
Facebook was just beginning to develop its mobile ad business.
Facebook's total revenue in the third quarter was $2.016
billion, ahead of the average analyst expectation of $1.911
billion, according to Thomson Reuters I/B/E/S.
Facebook said it earned net income of $425 million, or 17
cents a share, in the three months ended Sept. 30, compared with
a net loss of $59 million, or 2 cents a share in the year-ago
(Reporting by Alexei Oreskovic; Editing by Bernard Orr)