Facebook (3)

Facebook has reported another impressive quarter of growth with profits rising 186% as it reached more than 1.70 billion users.

The social network posted a pre-tax profit of $2 billion (£1.5bn) in the three months to the end of June, compared with profits of $719m in the same period last year.

The news of soaring profits, and continually impressive user numbers, sent Facebook's shares up 7% in after-hours trading.

It monthly active users - a key metric of performance for social media companies - grew 15% to 1.171 billion during the quarter. In stark contrast, Twitter's monthly active users grew just 3% in the same period. Facebook's impressive performance makes Twitter's look even more dismal than I suggested on Wednesday. But Facebook also saw its number of daily active users reach one billion for the first time, and it reported an increase in the amount of time spent on the network.

Chief executive Mark Zuckerberg said: "Our community and business had another good quarter. We're particularly pleased with our progress in video as we move towards the world where video is at the heart of all our services."

Analysts had expected revenues to reach $5.8bn in the quarter, but Facebook smashed those estimates, bringing in $6.4bn. Mobile advertising is becoming an increasingly crucial aspect of Facebook's business. Last year it accounted for just over three quarters of all advertising revenue. Now, that figure stands at a whopping 84%.