Facebook Earnings: Profit Rises Amid Growth in Mobile

Twelve months ago, Facebook barely had a mobile business. On May 1, Facebook disclosed how that has changed: Nearly one out of every three dollars it produces now comes from advertising on smartphones and tablets.

The shift came as the company posted a 38% revenue rise to $1.46 billion in the first quarter from a year earlier, as net income rose 6.8% to $219 million. In particular, Facebook's mobile-ad sales jumped 22% to $374 million from the prior quarter. The company said mobile-ad sales now form 30% of advertising revenue, up from 23% in the fourth quarter and 14% in the third quarter. Results were also buoyed by new targeting tools for advertisers and other new ad products.