Facebook on July 23, 2014 reported that its quarterly profit more than doubled amid big gains in ad revenues and a jump in users. AFP PHOTO / Karen BLEIER
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Shares in Facebook Inc. hit a record high Thursday after a surge in mobile advertising revenue helped the world's No. 1 social network trounce analysts' expectations for quarterly profit and revenue.Facebook reported Wednesday that its mobile advertising revenue grew 151 percent in the second quarter, accounting for about 62 percent of overall ad revenue.Facebook's initial public offering in May 2012 was widely considered to be a flop.With people increasingly accessing the Internet from smartphones and tablets, companies such as Facebook, Google Inc. and Twitter Inc. have been looking for ways to generate more revenue from smaller screens.Facebook now represents about 20 percent of total time spent on mobile devices, according to research firm comScore data.
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