Facebook earnings and revenue top analysts' estimates

On Wednesday, the social media giant reported net income of $701m up from $523m in the corresponding period in 2013, while revenue for the period rose 49% year-over-year to $3.85bn, exceeding the consensus view of $3.78bn.

Excluding one-time items, the company said it earned 54 cents, beating the 48 cents reading analysts had estimated.

Facebook added it reached 1.19bn mobile monthly active users during the period, an increase of 26% over the corresponding period 12 months ago, while mobile advertising revenue amounted to 69% of advertising revenue for the fourth quarter, up from 53% of total advertising sales a year ago.

Total advertising revenue climbed 53% during the quarter to $3.59bn, the company said.

Facebook shares dropped 1.42% in after-hour trading to $76.24.