Facebook's Q3 earnings numbers are out, and the company has beat analyst expectations—largely thanks to mobile advertising. Facebook beat earnings estimates with more than $5.7 billion in mobile advertising revenue alone. The company is one of two (the other being Google) that is dominating the digital ad space, and Facebook is especially dominant on mobile as users shift from desktops to phones.
According to Recode, Facebook has profits of $1.09 cents per share on $7.01 billion in total revenue for the quarter. The analyst expectation was profits of 97 cents per share on sales of $6.92 billion.