Facebook Cashes on Mobile Ads, Reports $1.5 Billion Q1 Revenues

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By Frances Samson | May 2, 2013 2:07 PM EST

The world's most patronized social networking site, Facebook, reported an amount of $1.5 billion in revenue for the first quarter of 2013, higher than the $1.1 billion posted in the same quarter last year.

The company's profit increased from $219 million from last year's $205 million.

According to Facebook, it is the company's mobile ads that account for as much as 30 percent of its advertising revenue for the first quarter, a marked increase from the 23 percent recorded in the fourth quarter of 2012. The mobile ads are a heavily favoured and monitored metric of the social networking's site potential.

While the mobile number is well-liked by analysts, they however were one in the opinion that Facebook's profit is still a bit shy compared to the company revenue which hit the high mark.

According to Facebook's founder and CEO, Mark Zuckerberg,"We've made a lot of progress in the first few months of the year.

"We have seen strong growth and engagement across our community and launched several exciting products."

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