Facebook handily tops Q3 earnings targets, active users up 17 percent

Daily active users reached 1.8 billion, also an increase of 17 percent over the same time last year.

Facebook reported third quarter earnings and revenue Wednesday that soared past analyst estimates.

The tech giant reported a net income of $2.4 billion, or 82 cents per share.

Non-GAAP earnings were $1.09 per share on a revenue of $7.01 billion.

Wall Street was looking for earnings of just 97 cents per share with $6.92 billion in revenue.

"We had another good quarter," said Facebook CEO Mark Zuckerberg. "We're making progress putting video first across our apps and executing our 10 year technology roadmap."

The world's largest social network now stands at more than 1.79 billion monthly active users, representing an increase of 17 percent from the same quarter last year. Daily active users reached 1.8 billion, also an increase of 17 percent over the same time last year.

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Growth on mobile also reached record highs, climbing by 20 percent year-over-year to 1.66 billion on a monthly basis. Daily mobile active users were at 1.09 billion, up from 1.03 billion the previous quarter.

Mobile was also the sweet spot for advertising, with the segment representing 84 percent of all ad revenue for the quarter.

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