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Facebook quarterly profit surges 34% and revenue rises 48%
Facebook quarterly profit surges 34% and revenue rises 48%

Facebook is on a roll, but executives took Wednesday's earnings announcement as an excuse to say the company is just getting started. The social network reported profit of $701 million in the three months ended Dec. 31, up 34% from a year earlier. Revenue for the quarter was up 48% to $3.85 billion. Annual net profit rose 96%, to $2.94 billion. Its bet on mobile advertising seems to be paying off handsomely. Mobile ads brought in $2.47 billion for the quarter, representing 69% of total ad revenue and up from 53% last year. Across all devices, ad revenue hit $3.59 billion, also up 53%. Strong stuff — but the focus Wednesday was on the future. "For the next decade...

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