TIME

Facebook’s sales jumped nearly 50% in the latest quarter, fueled by growing ad revenue from more users connecting through their mobile phones, the company said Wednesday. Here are the key points from Facebook’s fourth quarter earnings report.

What you need to know: The social networking giant continued to ride a strong mobile ad business to $3.85 billion in quarterly revenue — an increase of 49% from $2.6 billion during the same quarter a year earlier. Facebook’s quarterly profits totaled $701 million, or 25 cents per share, representing a 34% year-over-year increase.

Once again, Facebook got a bulk of its revenue from mobile ads as it surpassed analyst expectations of $3.7 billion in revenue. Facebook’s sales have grown by about 60% in each of the previous two quarters with much of those gains attributed to mobile ads. Despite topping analysts’ forecasts, Facebook’s fourth quarter saw the company’s slowest rate of quarterly…

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