Facebook's sales soared 60 percent to $2.02 billion in the third quarter as the company earned an adjusted 25 cents per share. Net income was $621 million.
The numbers came in handily ahead of Wall Street's expectations of 19 cents per share on $1.91 billion in revenue.
Facebook said it finished the quarter with 1.19 billion monthly active users, 728 million daily active users, and 874 million mobile monthly active users. The figures are especially impressive because they show that Facebook's engagement rate -- the ratio of daily to monthly users -- is still growing. Engagement registered at more than 61 percent, which should give investors confidence in the social network's ability to keep members glued to its Web and mobile apps even as other social apps like Snapchat and WhatsApp balloon in size.
The social network's excellent quarter was punctuated by repeat success in mobile. Facebook made 49 percent -- or $882 million -- of its $1.8 billion in advertising revenue from mobile ads. The impressive figures come as the company's audience is clearly shifting its attention away from desktop to mobile, where Facebook now makes money from ads running in News Feed. In the third quarter, Facebook had 254 million mobile-only monthly active users, which is more than double the number of people who were mobile-only users at the same time last year.
The only noticeable dud in Facebook's earnings statement was the unimpressive $218 million that it made from its payments business in the quarter.
Just one quarter ago, Facebook was a rocky public company with an unproven business model. Three months later, the social network's shocking success on mobile has won over skeptical investors. In that time, Facebook's share price has climbed from a depressed $26.51 to $49.02, where it closed Wednesday afternoon, meaning the company's market value has grown by a remarkable 88 percent.
Now, Facebook's stock price is soaring in after-hours trading. Shares were up more than 16 percent at one point Wednesday afternoon before settling down a bit. At the time of publication, Facebook is trading around $54 a share.
This story is developing...