(Reuters) – Facebook Inc’s mobile advertising business accelerated in the first three months of the year, helping the Internet social networking company top Wall Street’s financial targets.
Shares of Facebook were up nearly 3 percent at $63.05 in after-hours trading on Wednesday.
Facebook said that mobile ads represented 59 percent of its ad revenue in the first quarter, up from 30 percent in the year-ago period. Facebook’s overall revenue grew 72 percent year-on-year to $2.5 billion in the first quarter, above the $2.36 billion expected by analysts polled by Thomson Reuters I/B/E/S.
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