Facebook sees mobile ads soar

Facebook was once mired in the mobile-advertising doldrums. That was so 2012.

The world’s largest social network yesterday reported first-quarter profit and revenue that blew past analysts’ estimates. Mobile accounted for 59% of advertising revenue, up from almost nothing at the time of Facebook’s initial public offering in May 2012.

Yet Facebook executives also said that spending will increase for the rest of this year and initiatives such as Instagram and video advertising won’t immediately contribute materially to revenue. That tempered the company’s stock performance, with shares rising less than 1% in New York.