Facebook reported a 63% rise in revenue to $2.585bn during the fourth quarter, which was mainly driven by mobile advertising sales, compared to $1.585bn generated during the quarter a year ago.
The social media company generated net income of $523m during Q4, which is more than seven-fold rise compared to $64m generated during Q4 in 2012.
In addition, the revenue generated by mobile ads contributed to 53% of its overall advertising revenue during the October-December quarter, mainly driven by newsfeed ads that infuse paid marketing messages into a user's stream of news and content.
Currently, Facebook has 1.23 billion monthly users, with 945 million of them accessing the social media site via a smartphone or tablet.
Facebook CEO Mark Zuckerberg said: "It was a great end to the year for Facebook. We're looking forward to our next decade and to helping connect the rest of the world."
Despite an 8% drop in total number of ad impressions, the average price per ad on Facebook rose 92% in the past year.
Furthermore, the social media firm would concentrate on enhancing the quality and the significance of the newsfeed ads, rather than increasing the number of ads in newsfeed.