But shares dipped by 7% in after-hours trading after it warned that revenue growth would slow.
It made $2.4 billion during the quarter, up from $896 million during the same period past year. In dollars that translates to $5.7 billion in mobile ads - 70 percent up from the same period a year ago - of its $6.8 billion in total ad revenue.
Given that advertising makes up more than 97% of Facebook's revenue, the roughly $5.725 billion that retailers and other marketers spent on mobile advertising during the quarter made up almost 82% of the company's overall revenue. The company said it surpassed the one-billion mobile-only monthly users' threshold last quarter. It has 1.66 billion monthly active users on mobile, up 20 percent, and 1.09 billion daily active users, up 22 percent, marking the first time Facebook has eclipsed the 1 billion DAU mark for mobile.
Mark Zuckerberg summed up the progress succinctly, writing "We had another good quarter". The social network is also pouring money into its Facebook Live product, which analysts say will allow Facebook to boost the amount of original content shared by users on the platform. The social network calculates this number based on an "estimation of the geographic location of users when they perform a revenue-generating activity", which includes any payments for extra services and advertising.
The huge rise in third quarter earnings came as the social media firm saw an increase in revenues over the same period of 56%. The profits too, were better than expected as the company posted a profit of $1.07 per share than compared to the expected profit of 97 cents per share. "As I mentioned last quarter, we continue to expect ad load will play a less significant role driving revenue growth after mid-2017", Wehner said.
That compared with analysts' average estimate of $6.92 billion.
Facebook now has nearly 1.2 billion daily users.
Facebook's mobile ad revenue rose to 84% of total ad revenue from 78% past year.
But Facebook's investment and focus on video seems to be paying off. Viewership is massive, and it's allowing Facebook to slip more and more high-priced video ads into the feed.
Even more impressive is Facebook's net income.