Facebook, which turns 10 next week, has posted record revenues of $2.59bn for the three months to 31 December, with a 76% increase in advertising on the same period last year.
The social network said mobile advertising revenue accounted for 53% of ad revenue for the quarter, up 23% year on year.
Facebook's shares rose more than 7% in after-hours trading, a marked difference on Yahoo, whose results disappointed investors this week.
Full year revenues jumped 55% to $7.87bn and founder Mark Zuckerberg claimed the results were "a great end to the year for Facebook".
He said: "We're looking forward to our next decade and helping to connect the rest of the world."
Facebook said it now has 1.23 billion monthly active users, an increase of 16% year on year. The increase of monthly active users for the quarter was only 3.4% however, which could signal a slowing of growth for the company's user base.
The company accounted for a 5.7% share in all global digital ad revenues last year, and increase from 4.11% in 2012, according to eMarketer, while accounting for 18.44% share of worldwide mobile ad spending in 2013, up from 5.35% in the previous year.