From iGaming Business – Facebook’s quarterly financial results have been boosted by a surge in mobile advertising at the social networking website.

Facebook said that mobile revenues of $656m (€505m) represented 41% of advertising revenues in the second quarter of 2013, which was up from 30% in the previous quarter.

Total advertising revenues, representing 88% of Facebook’s total sales, jumped year-on-year by 61% to $1.6bn to generate a net profit of $333m in the three months to June 30, reversing a loss of $157m a year ago.

“We believe this rapid growth is driven by our unique ability to target ads,” Facebook chief operating officer Sheryl Sandberg said.

“We have one of, if not the, most effective mobile ad products.”

Total sales of $1.81bn for the quarter and earnings per share of 19 cents exceeded analysts’ expectations and Facebook’s share price rocketed by up to 20% in after-hours trading on Wednesday.