Facebook on Wednesday posted second quarter results that beat out Wall Street's expectations on revenue and earnings per share. For the three month period, the social network reported adjusted earnings of $0.19 per share on revenue of $1.81 billion, an increase of 53 percent over the same quarter last year.

Mobile has been the mantra CEO Mark Zuckerberg has lived by as of late and as the Harvard dropout predicted, it proved to be the company's greatest asset. A full 41 percent of its hefty $1.6 billion advertising revenue haul came from mobile. That translates to $656 million, if you were wondering.

Advertising is the name of the game at Facebook as it accounted for 88 percent of the social network's total revenue. That's an increase of 61 percent over the year ago quarter. Wall Street anticipated earnings of $0.14 on revenue of $1.62 billion. The stock shot up nearly 17 percent in after hours trading following the earnings report.

Elsewhere, Facebook said the number of monthly active users increased by 21 percent compared to last year while daily active users rose by 27 percent during the quarter. In total, there are now 1.15 billion monthly active users, the company reports.

Zuckerberg said they have made good progress growing their community, deepening engagement and delivering strong financial results - especially on mobile. He further noted the work they have done to make mobile the best Facebook experience is showing good results and provides a solid foundation for the future.