Facebook (FB) Earnings Q4 2013: Social Network Beats Optimistic Wall Street Predictions

Facebook Inc. (NASDAQ:FB) reported its fiscal 2013 fourth-quarter and full-year earnings Wednesday after markets closed. The Menlo Park, Calif.-based social network reported earnings-per-share of 31 cents on $2.59 billion in revenue, beating Wall Street expectations of 27 cents EPS on $2.32 billion in revenue.

Facebook’s revenue increased 63 percent from the fourth quarter of 2012. Mobile advertising represented 53 percent of Facebook’s revenue in the fourth quarter of 2013, marking the first time that mobile ads accounted for more than half of Facebook’s total revenue.

Facebook’s net income for the fourth quarter was $1.56 billion, compared with $736 million in the year-ago period.

For the entire year, Facebook reported 60 cents EPS on $7.87 billion revenue, up from 20 cents per share on $5.09 billion of revenue, a 55 percent increase year over year. The social network's net income in 2013 was $1.5 billion.

Overall, Facebook’s daily active users increased 22 percent last year to an average of 757 million users. The company also saw a 49 percent increase in daily mobile users, bringing the total to 556 million.

“It was a great end to the year for Facebook,” Mark Zuckerberg, founder and CEO of Facebook, said in a press release. “We’re looking forward to our next decade and to helping connect the rest of the world.”

Facebook’s full earnings report can be found here. International Business Times will update this article with additional information after Facebook’s conference call.