Facebook may have finally figured out how to monetize its mobile users

Facebook reported its second quarter earnings on Wednesday, crushing Wall Street’s expectations with revenue of $1.81 billion. The social networking giant now has 699 million daily active users, 469 million daily mobile users, 1.15 billion monthly active users and 819 million monthly active mobile users. The unprecedented growth of users who access the site through the Facebook app was once a troubling trend for the company, however Facebook appears to have figured out a way to properly monetize the nearly 1 billion mobile users. Ad sales from mobile have continued to climb with each quarter and now account for 41% of the company’s ad business, up from 14% in the third quarter of 2012. Shares of Facebook surged nearly 15% in after hours trading, crossing the $30 per share barrier for the first time since January.