Mobile ads have led to a 58 percent increase in profits in the first quarter for Facebook, as well as a 23 percent rise in active users.
According to a statement released by Facebook Wednesday, the world's largest social networking site credits its growth to its mobile ads, which accounted for 30 percent of revenue from advertisements in the first quarter.
It also revealed having experienced a 23 percent rise in active users, despite experts stating that many Facebook users have abandoned their profiles for newer social networking platforms. The number of active users rose to 1.11 billion, including 751 million who accessed the site through mobile devices.
"We've made a lot of progress in the first few months of the year," said chief executive Mark Zuckerberg, co-founder of the leading social network. "We have seen strong growth and engagement across our community and launched several exciting products."
The increase in profits comes after Facebook announced the launch of "Facebook Home", along with a set of new ad products. However, according to market experts, customers have not adopted the new Facebook Home with as much enthusiasm as the company hoped, with many reportedly having problems while using the software.
Nevertheless, according to industry tracker eMarketer, Facebook's share of the overall U.S. online advertising market is expected to rise to 6.5 percent this year, from 5.9 percent last year.
