Facebook Inc (NASDAQ:FB) 3Q17 earnings were released after closing bell tonight, and the company reported earnings of $1.59 per share on $10.33 billion in revenue. Wall Street had been looking for GAAP earnings of $1.27 per share on $9.85 billion in revenue. In the year-ago quarter, the social media firm reported 90 cents per share in earnings on $7 billion in revenue.

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Facebook (FB) 3Q17 earnings

Ad revenues rose 49% year over year to $10.1 billion from $6.8 billion last year, while payments and other fees revenues fell 5% to $186 million from $195 million. Mobile ad revenue made up about 88% of total ad revenue during the quarter, an increase from 84% in the same quarter a year ago.

Facebook (FB) said it had 1.37 billion daily active users, a 16% year-over-year increase, while its monthly active user base also grew 16% to 2.07 billion. Before the Facebook 3Q17 earnings report was released, Verto Analytics picked up a 28% increase in the average amount of time spent per user. Verto also reported that Instagram added more than 15 million more users, based on Verto App Watch data on U.S. adults age 18 and older, marking an 11.6% increase from June to September.

Facebook (FB) stock rises

“Our community continues to grow and our business is doing well,” founder and CEO Mark Zuckerberg said in a statement with the Facebook (FB) 3Q17 earnings release. “But none of that matters if our services are used in ways that don’t bring people closer together. We’re serious about preventing abuse on our platforms. We’re investing so much in security that it will impact our profitability. Protecting our community is more important than maximizing our profits.”

Following the Facebook (FB) 3Q17 earnings release, the company’s stock jumped by as much as 1.36% to $185.15 in after-hours trades.

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