Facebook outperformed analyst predictions, after second quarter earnings soared 61 percent driven by its new product, mobile ad network.

The social media giant reported its second quarter earnings of 42 cents per share on sales of  $2.91 billion, CNBC reported.

Facebook reported 1.5 million active advertisers and an average daily active users of 829 million in June.

Like Us on Facebook

We had a good second quarter," said Mark Zuckerberg, Facebook founder and CEO in a statement. "Our community has continued to grow, and we see a lot of opportunity ahead as we connect the rest of the world."

According to CNN Money, Wednesday, earning and sales anticipation was at US$2.8 billion sales at US$0.32 earnings per share. 

Facebook Inc. news statement stated, sales from advertising was US$2.68 billion, a 67 % rise from last year's second quarter.

Mobile advertising revenue represented 62 % of advertising revenue for the second quarter this year, up by 41 % compared to the same quarter of last year.

 New Facebook products were the driving force behind the revenue growth. The most popular social media network has hit its1 billion mark when it comes to monthly active users early this year.

 Analysts also predicted that by next year, Facebook will grab  9.5 percent of the U.S. digital advertising market.  Based on eMarketer, Facebook's share of the $18 billion U.S. mobile ad industry is expected to go up by 8.4% this year, up from 9% in 2012.

Morning of July 24, Facebook stocks was performing higher at 71.29 a share, propelled by a strong showing since it started at the beginning of the year at $54.83 per share.

TagsFacebook Ads, Facebook Apps