Facebook grew revenue 63% to $2.59 billion in today's quarterly earnings report, sending the stock shooting up nearly 10% in afterhours trading.
Net income spiked from $64 million to $523 million, while annual revenue reached $7.8 billion, up 55% from 2012.
The world's largest social network now claims to have 1.23 billion active users, up 16%, with 945 million monthly active mobile users, up 39%. Facebook is rapidly becoming a "mobile ad firm" with 53% of total revenue now coming from mobile ads.
The report, which exceeded the expectations of the Wall Street consensus, comes at a time when Facebook is being denounced as on a decline. Evidently, that isn't so—Mark Zuckerberg's multi-billion dollar social empire is bigger and stronger than ever, making it possibly too big to fall.