Crabtree Technology portfolio manager Barry Randall says Facebook (FB) has finally realized its ambitions to be a powerhouse in mobile ads.

Facebook recently put up some impressive numbers. Ad revenue advanced $2.68 billion in the second quarter, up 67% year over year.

The real news, though, was the social network’s continued progress in mobile ads, which accounted for about 62% of that total, or $1.66 billion. In the first quarter, Facebook exceeded the $1 billion mark for mobile ads for the first time.

Randall was quoted in a recent article for the E-Commerce Times:

“Facebook is no longer a company transitioning to mobile,” Randall, a technology portfolio manager forCovestor, told the E-Commerce Times. “It has already arrived.”

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