Facebook's revenue has risen to $1.26 billion for the third quarter of the year - a rise of 32%.

The social networking site beat market expectations and has recorded growth in selling advertising on mobile phones. Zuckerberg revealed that the company was now taking 14% of its advertising revenue from mobile after only six months after introducing advertisements on the platform.

Facebook has had a troubled few months since its stock market flotation in May which has seen the share price halve. Investor sentiment has been pessimistic due to expectations of how users would access services with industry experts saying Facebook would not be able to sustain revenues on mobile to the same extent they could on a desktop platform.

Mark Zuckerberg commented: "I want to dispel the myth that Facebook can't make money from mobile. It gives us the opportunity to reach more people because in the coming years there will be billions more smartphones than desktops."