(MENLO PARK, Calif.) -- Facebook stock has disappointed lots of investors, but now its earnings have some smiling.
With a revenue of $1.3 billion, Facebook reported better-than-expected third-quarter earnings Tuesday, apparently because they're making money from ads on mobile devices. The social networking company's earnings were up 32 percent from a year ago.
Facebook founder and CEO Mark Zuckerberg celebrated the good news on a conference call with investors.
"We have a lot going on right now and I'm excited about the progress we're making," he said Tuesday.
Zuckerberg said that in years to come, he expects billions more smartphones to be in use than desktop computers.
"We already reach more than a billion people" each month, he added. Currently more than 600 million people share and connect monthly on the social networking site using mobile devices, he said in a company statement.
Zuckerberg noted the importance of finding ways to generate ad revenue on mobile devices. Eighty-six percent of Facebook's revenue came from advertising.
Copyright 2012 ABC News Radio