Facebook revenues soar on the back of strong mobile growth

Facebook's first quarter results for 2014 shows the social network has cracked 1 billion mobile users, growth of 34% year-on-year.As of 31 March, monthly active users for the site were 1.28 billion, up 15% on the past year. Revenue for the first quarter of 2014 totaled $2.5 billion, an increase of 72%, compared with $1.46 billion in the first quarter of 2013. Mobile advertising revenue represented around 60% of total ad revenue for the first quarter."Facebook's business is strong and growing, and this quarter was a great start to 2014," said Mark Zuckerberg, Facebook founder and CEO. "We've made some long term bets on the future while staying focused on executing and improving our core products and business. We're in great position to continue making progress towards our mission."