Facebook ad revenue soars 64 percent in 3rd quarter

Economic Indicators Associated Press

Facebook grew its advertising revenue by 64 percent in the third quarter, helped by a boost in mobile ads that are becoming an increasingly large chunk of the social networking giant's overall advertising business.

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The steady increase indicates that Facebook has succeeded in steering advertisers to its mobile platform at a time when most of its users are using mobile devices to access it.

Facebook Inc. has been on a roll lately. Its stock hit an all-time high of $81.16 Tuesday before the results came out. That's more than double its $38 initial public offering price.

Facebook earned $2.6 billion, or 30 cents per share, on revenue of $3.2 billion. Adjusted earnings and revenue beat Wall Street's estimates.

The Menlo Park, California-based company's stock slid 9 cents in extended trading.