The House of Zuckerberg put on the quarterly dog and pony show for investors today, and while there's plenty of cash to go around, the real story is how many of Facebook's users are ditching the desktop for greener pastures on mobile.
Facebook announced earnings for the second quarter of 2014, and one thing is clear: The social network is fast becoming a mobile-centric company, with a full 62% of advertising revenue now generated from smartphones and tablets.
By the numbers
All of the above translated to bigger quarterly profits for Facebook, with a 61% increase to $2.91 billion (about £1.71b, AU$3.08b) in revenue, handily beating Wall Street analyst expectations with earnings of 42 cents per share for the second quarter, which ended June 30.
Facebook also somehow managed to spend less over the last three months, more than doubling quarterly profits to $791 million (about £464m, AU$838m), a 138% increase over the same period last year, which eked out a mere $333 million profit (about £196m, AU$353m).
Not surprisingly, the majority of Facebook's quarterly revenue ($2.68 billion, about £1.57b, AU$2.84b) came from advertising, a 67% increase over last year's June quarter, with a whopping 62% of ad revenue generated from mobile devices.
Facebook executives plan to leverage video-based advertising to help grow future revenue, and expects to keep operating in an aggressive "investment mode" through 2015 on the heels of the recent Oculus Rift and WhatsApp acquisitions.
- The OS X Yosemite preview is almost here - check out our hands-on review today!