Facebook profit, revenue surpass expectations for 7th quarter in row

For the seventh quarter in a row Facebook beat profit and revenue forecasts, continuing to win more mobile advertising revenue as most users shift to using the site on smartphones and other portable devices.

The world's biggest online social network said on Wednesday that advertising revenue jumped 53 percent to $3.59 billion for the fourth quarter - with mobile ad revenue representing 69 percent of the total. That percentage has grown steadily in each quarter of this year.

Facebook's massive user base also expanded. It had 1.39 billion monthly active users at the end of the year, up 13 percent from a year earlier. Daily users totaled 890 million, up 18 percent. Mobile monthly active users jumped 26 percent to 1.19 billion.