Facebook revenue smashes expectations as mobile ad sales surge

Facebook Inc's quarterly revenue rose more than 50 percent, handily beating Wall Street expectations as its wildly popular mobile app and a push into live video lured new advertisers and encouraged existing ones to boost spending. Facebook also announced it will create a new class of non-voting shares in a move aimed at letting Chief Executive Officer Mark Zuckerberg give away his wealth without relinquishing control of the social media juggernaut he founded. The company plans to create a new class of non-voting shares, which would be given as a dividend to existing shareholders.

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