Facebook stock shoots up 9% on strength of mobile ads

Company reported full year revenue of $7.9 billion, beats expecations for the quarter

Shares of Facebook are up 9.5% in after-hours trading, after the company posted fourth-quarter results that beat Wall Street expectations. 

Facebook shares had dropped 2.92% or $1.61, to $53.53 a share in regular trading on Wednesday.

In the earnings report, Facebook posted revenue of $2.59 billion for the quarter, beating Wall Street's estimates of $2.33 billion, and up 55% from $1.6 billion in the fourth quarter of 2012. Adjusted earnings per share came in at 31 cents in the quarter, higher than the 27 cents a share that analysts had been expecting.

For the full year 2013, Facebook saw revenue of $7.9 billion, and EPS of 88 cents. 

"It was a great end to the year for Facebook," Mark Zuckerberg, Facebook founder and CEO, said in a statement. "We're looking forward to our next decade and to helping connect the rest of the world."

Advertising revenue was $2.34 billion for the quarter. It increased 76% from the same quarter the year before.  Mobile accounted for 53% of that revenue, up from approximately 23% of advertising revenue in the fourth quarter of 2012.

Revenue from payments and fees for the quarter was $241 million.

GAAP net income was $523 million, compared to a net income of $64 million for the fourth quarter of 2012, while non-GAAP net income for the quarter was $780 million, up 83% compared to $426 million for the fourth quarter of 2012.

For the full year, monthly active users (MAUs) were 1.23 billion as of December 31, 2013 , an increase of 16% year-over-year, while mobile MAUs were 945 million, an increase of 39% year-over-year.

Daily active users (DAUs) were 757 million on average, an increase of 22% year-over-year, while mobile DAUs were 556 million on average, an increase of 49%

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