Facebook topped estimates for the sixth straight quarter fueled by mobile advertising, which is now driving its overall ad business.
The giant social network reported $3.2 billion in third-quarter revenue, an increase of 59%.
Facebook FB had adjusted earnings per share of 43 cents, also surpassing analysts' expectations.
"This has been a good quarter for Facebook and we have achieved strong results across the board," Facebook CEO Mark Zuckerberg said in a conference call with analysts.
But Facebook shares plunged 10% in after-hours trading on a warning from Facebook that costs would increase dramatically.
Analysts say Facebook has made the successful transition to mobile as consumers shift their online activities to smart phones and tablets.
Two-thirds of Facebook's ad revenues now come from mobile, up from 62% in the third quarter.
According to research firm eMarketer, Facebook will command 20% of the mobile Internet ad market around the world by the end of the year, taking share from market leader Google. Google's share of that $36 billion market is expected to fall to 45% from 50% two years ago.
Facebook also showed strong growth in usage.
Monthly active users grew to 1.35 billion, up from 1.32 billion in the second quarter.
Daily active users grew to 864 million from 829 million in the second quarter.
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