Facebook's quarterly revenue surges 50.8%

Facebook Inc's quarterly revenue surged 50.8% as the world's largest social network continues to benefit from its aggressive push into mobiles and video.

Mobile ad revenue accounted for 84% of company's total advertising revenue of $8.63 billion in the fourth quarter ended Dec. 31, compared with 80% a year earlier.

Analysts on average had expected total ad revenue of $8.31 billion, according to research firm FactSet StreetAccount.

The strong results allay some concerns after the company warned in November that ad growth would likely slow "meaningfully" due to limits on "ad load" - the total number of ads Facebook can show to each user.

Facebook is expected to generate about $29.71 billion in mobile ad revenue in 2017, according to research firm eMarketer, up about 35.2% from 2016.

Net income attributable to Facebook shareholders rose to $3.56 billion, or $1.21 per share, from $1.56 billion, or 54 cents per share, a year earlier.

Total revenue rose to $8.81 billion from $5.84 billion.