It wasn’t long ago that Facebook was widely seen as having a “mobile problem.” Those days are gone.
Facebook reported Wednesday that mobile ads accounted for about 62% of its ad revenue in the second quarter, up a from just 41% a year prior.
The social network’s shares are up more than 30% this year, buoyed by the company’s newfound success in mobile advertising. The stock is currently poised to open at an all-time high Thursday morning.
Facebook’s success in mobile is timely, with Web users flocking to mobile devices and leaving their desktops behind. January marked the first time ever that Americans used smartphone and tablet apps more than PCs to access the Internet, according to comScore.
Facebook said its base of daily active users averaged 829 million in June, with 654 million on mobile devices.
Facebook didn’t make any money on mobile as recently as 2011. Then chief financial officer David Ebersman acknowledged to investors ahead of the company’s 2012 IPO that mobile monetization could be “uncertain.”
In the years since, however, the social network has successfully introduced mobile ads, redesigned the mobile news feed and debuted a number of new apps to expand its offerings for marketers.
Overall sales rose 61% to $2.9 billion and Facebook earned $791 million last quarter. Both beat Wall Street’s expectations.