Facebook has reported an 82 per cent year on year hike in advertising revenue to $2.27bn, with mobile advertising accounting for 59 per cent of the total, in the first quarter of 2014.
Mobile ad revenue surged from 30 per cent in the first quarter of 2013 to 59 per cent, while overall revenue for the social network jumped 72 per cent to $2.5bn in Q1 this year.
The results confirm Facebook as a chief competitor to Google in the mobile advertising space. The global mobile ad market grew 105 per cent to $17.96bn in 2013, according to eMarketer up from just $8.8bn in 2012.
Facebook accounted for a 17.53 per cent share of worldwide mobile ad spend in 2013, eMarketer estimates, up from 5.37 per cent in 2012. Google took 49.3 per cent of the worldwide mobile ad market last year, down slightly from 52.36 per cent share in 2012. eMarketer estimates that Facebook will steal more share away from Google this year, increasing to 21.67 per cent, while Google decreases to 46.78 per cent.
The research firm projected that mobile ad spending globally would grow another 75.1 per cent this year to reach $31.45bn.
Daily active users reached an average 802 million for march 2014 – up 21 per cent year on year, while mobile daily active users hit an average 609 million for the same period – up 43 per cent year on year, according to Facebook.
Meanwhile monthly active users reached 1.28 billion in March – up 15 per cent.
The news comes as Facebook’s chief financial officer David Ebersman has announced his intention to step down from his position, which he has held for the last five years. He will be replaced by current Facebook VP of corporate finance and business planning David Wehner on 1 June.
Wehner joined Facebook in November 2012 from Zynga, where he served as CFO.
"David has been a great partner in building Facebook, and I'm grateful for everything he's done to help make the world more open and connected," said Zuckerberg. "David set us up to operate efficiently and make the long term investments we need, and built an incredibly strong team including Dave Wehner, our next CFO. I look forward to working with Dave in his new role."
"This has been a tough decision because Facebook is such a great company and has such a bright future ahead, but I've decided to move back into healthcare where I spent my career before Facebook," Ebersman said.
"It's been a privilege working at Facebook and being part of such a great team. We have an incredibly talented finance organization, and I have complete confidence in Dave Wehner and his ability to lead the team going forward."