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Facebook Q3 revenue at $4.5 billion, active users up 14 percent

The world's largest social network now stands at more than 1.5 billion monthly active users.

Facebook reported third quarter earnings and revenue after the bell Wednesday, and once again the social networking giant handily beat estimates.

The tech giant reported a net income of $896 million, or 31 cents per share (statement).

Non-GAAP earnings were 57 cents per share on a revenue of $4.5 billion.

Wall Street was looking for earnings of 52 cents per share with $4.37 billion in revenue.

Facebook's stock popped about 3 percent on the positive report.

"We had a good quarter and got a lot done," said Facebook CEO Mark Zuckerberg, in a canned statement. "We're focused on innovating and investing for the long term to serve our community and connect the entire world."

Despite competition from younger apps such as Snapchat, engagement on Facebook reached all-time highs in several regions during the third quarter.

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The world's largest social network now stands at more than 1.5 billion monthly active users, representing an increase of 14 percent from the same quarter last year. Daily active users reached 1.01 billion, an increase of 17 percent over the same time last year.

Growth on mobile also reached record highs, climbing by 23 percent year-over-year to 1.39 billion on a monthly basis. Daily mobile active users were at 894 million, up from 844 million the previous quarter.

Mobile was also the sweet spot for advertising, with the segment representing 78 percent of all ad revenue for the quarter.