Facebook has seen its second quarter revenue soar to 1.813 billion dollars (£1.18 billion) - a 53% increase on 1.184 billion dollars (£770 million) in the same period last year.
The world's biggest social network made 333 million dollars (£217 million) in net income from April to June compared with a net loss of 157 million dollars (£102 million) a year ago, according to the company's latest financial results.
An average of 699 million people used the social media platform every day in June, it said, an increase of 27% on the same time last year.
The number of monthly users accessing Facebook on mobile devices - including smartphones and tablets - rose by 51% year on year to 819 million in June.
Facebook founder and chief executive Mark Zuckerberg said: "We've made good progress growing our community, deepening engagement and delivering strong financial results, especially on mobile.
"The work we've done to make mobile the best Facebook experience is showing good results and provides us with a solid foundation for the future."
Facebook said it made 1.6 billion dollars (£1 billion) of revenue from advertising, which was 88% of total revenue and a 61% increase from the same quarter last year.
Introducing video to Instagram, the photo-sharing and editing platform Facebook paid a billion dollars for last year, saw five million videos uploaded in the first 24 hours, the company said.
Jed Hallam, head of social strategy at media agency Mindshare UK, said: "Facebook has posted some very positive results this quarter, exceeding expectations based on its tumultuous last three months, especially through its mobile advertising platform.
"This is a clear sign that Facebook is starting to understand its role as a conduit between users and brands - from the slow decision around brand advertising being displayed on inappropriate pages, to the apparent delays on the video ad platform that's been rumoured for months, it hasn't been an easy three months."
Stuart Miles, founder of gadget review website Pocket-lint, said: "Strong revenues and improving mobile performance show that Facebook is starting to get things right even though Facebook Home, its attempt at a mobile operating system, seems to have stalled.
"With 1.15 billion users and millions using the site every day, Facebook seems to be pointing the ship in the right direction."
Simon Wharton, managing director of digital marketing agency PushON, said: "As a listed company, the fundamental challenge for Facebook is how to monetise the site without alienating its users. We're still to see if it's making progress in that direction.
"At some point soon we're expecting the world's biggest social network to announce video ads as the new big revenue builder. But while this will be seen as a positive by shareholders, Facebook is again focusing more on the money to be made from advertisers than the experience of its users."
Facebook was floated on the Nasdaq in May last year in what was one of the largest initial public offerings in history, netting co-creator Mr Zuckerberg more than a billion dollars.
But its share price fell dramatically months later and it saw 49 billion dollars (£31.2 billion) wiped from its value.
In December it became the latest firm to come under scrutiny over its tax affairs after reportedly siphoning £440 million into an offshore haven to avoid payments in the UK and other overseas markets.
The social networking giant paid £2.9 million of corporation tax - less than £240,000 in Britain - last year despite making more than £800 million in overseas profits in 2011, according to the Sunday Times.