Facebook Inc (NASDAQ:FB) reported outstanding financial results for the fourth quarter of 2013. The stock price of the social network giant had declined 3% to $53.52 per share when market closed today. During the extended hours trading, the shares of the company spiked more than 7% to $57.40 a share around 4:15 P.M. EST

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Financial Results

According to the social media giant its GAAP net income increased to $523 from $64 million in the same period in 2012.  The company said its GAAP earnings per share were $0.20 compared with its $0.03 GAAP earnings per share in the fourth quarter of 2012.

Its revenue increased 63% to $2.59 billion compared to $1.59 billion in the same quarter a year ago. Facebook Inc (NASDAQ:FB) said its advertising revenue was $2.34 billion compared with its $1.33 billion advertising in the year-ago quarter, an increase of 76%.  The search engine giant said its mobile advertising revenue represented 53% of its total advertising revenue.

Wall Street analysts expected Facebook Inc (NASDAQ:FB) to post $0.27 earnings per share on $2.33 billion revenue.

During the period, the search engine giant said its income from operations (GAAP) was $1.13 billion compared with $523 million last year. Its operating margin was 44% compared with 33% in the year-ago quarter.

Facebook Inc (NASDAQ:FB) said its costs and expenses for the quarter were $1.45 billion, up by 37% from $1.06 billion in the fourth quarter of 2012. The company ended the quarter with $11.45 billion cash and marketable securities, up from $9.63 billion last year.

For the full year 2013, Facebook Inc (NASDAQ:FB) generated $7.87 billion revenue, an increase of 55% from last year. Its net income was $1.50 billion.

Active Users

Facebook Inc (NASDAQ:FB) said its daily active users (DAUs) increased 22% to 757 million year-over-year. Its monthly active users (MAUs) were 1.23 billion on average for December 2013, an increase of 16% year-over-year. Its mobile DAUs were 556 million, up 49% year-over-year and mobile MAUs increased 39% to 945 million.

Zuckerberg’s comment

“It was a great end to the year for Facebook Inc (NASDAQ:FB). We’re looking forward to our next decade and to helping connect the rest of the world,” said Mark Zuckerberg, founder and CEO of Facebook Inc.