By Nick James

We have to remind ourselves that Facebook was founded in 2004 - that's just two Olympics ago!

Nevertheless since launching the business on the stock market in May of this year the world's biggest social network had lost around $50 billion in value.

Yesterday (Tuesday) it released its third quarter results for 2012 posting a loss of $59m yet trading after the announcement saw the share price soar.

This was partly due to increased revenues of 36% to $1.09 billion but mainly because 14% of advertising revenue during the third quarter from mobile.

"As proud as I am that a billion people use Facebook each month, I'm also really happy that over 600 million people now share and connect on Facebook every month using mobile devices," said Mark Zuckerberg, Facebook founder and CEO.

"People who use our mobile products are more engaged, and we believe we can increase engagement even further as we continue to introduce new products and improve our platform. At the same time, we are deeply integrating monetization into our product teams in order to build a stronger, more valuable company."

The mobile market is exploding with the unit cost of tablets and smartphones reducing and the number of smartphones in use worldwide crossed the 1-billion mark for the first time this year.

Zuckerberg told analysts that: "I want to dispel this myth that Facebook can't make money on mobile,"

$140 million of mobile revenue might just show that Facebook has cracked 'mobile'.