Facebook Inc (NASDAQ:FB) released its latest earnings report after closing bell, posting adjusted earnings of 97 cents per share on $6.44 billion in revenue. Analysts had been looking for earnings of 82 cents per share and $6.02 billion in revenue. Shares of the social network surged in after-hours trades. In last year’s second quarter, Facebook reported $4 billion in revenue.

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FB’s mobile ad revenue soars

Facebook Inc (NASDAQ:FB)’s GAAP earnings were 71 cents per share. Ad revenue was $6.2 billion, rising from $3.8 billion last year, while Payments and Other revenue declined to $197 million. Analysts had been projecting $5.8 billion in ad revenue for the quarter. Mobile ad revenue was about 84% of total ad revenue, an increase from about 76% of total ad revenue in the year-ago quarter. That means Facebook Inc (NASDAQ:FB) had about $5.42 billion on mobile ad revenue, which was well ahead of the StreetAccount average of $4.84 billion.

The social network had 1.13 billion daily active users, representing a 17% year over year increase. Mobile daily active users grew 22% to 1.03 billion. The number of monthly active users increased 15% to 1.71 billion, while the number of mobile monthly active users grew 20% to 1.57 billion. Wall Street had been looking for 1.69 billion monthly active users.

“Our community and business had another good quarter,” said Facebook Inc (NASDAQ:FB) Founder and Chief Executive Officer Mark Zuckerberg in a statement. “We’re particularly pleased with our progress in video as we move towards a world where video is at the heart of all our services.”

FB’s shares hit a new high

On the earnings call tonight, investors and analysts will be listening for any updates on Instagram monetization and growth for Messenger, which now has more than 1 billion mobile users per month. The social network is expected to look toward monetizing it as well at some point in the future.

Shares of Facebook Inc (NASDAQ:FB) surged by more than 8% initially after tonight’s earnings report, but the stock reversed course and is up 5.89% at $130.60 as of this writing. The stock set a new record high today of $125 per share.