Facebook has posted a 195% jump in profit in Q1 of 2016 as the company continued to generate new advertising income.
The social network reported $1.5 billion in earnings for Q1 2016, compared to $512 million in Q1 2015.
As well as enticing advertisers to new products like live video, Facebook boosted sales on existing services.
The company also proposed a new class of shares, which will allow founder Mark Zuckergerg to sell his shares without losing control of Facebook.
It said the move will “encourage Mr. Zuckerberg to remain in an active leadership role at Facebook”.
Facebook shares rose over 9% in after-hours trading.
Sales for Q1 2016 reached $5.3 billion up from $3.5 billion in Q1 of 2015.
Mobile advertising made up 82% of Facebook’s overall advertising revenue, up from 73% at the same time last year.
Total monthly active users (MAU) increased 15% from a year earlier to 1.65 billion, which was ahead of analysts expectations.
On a call with investors, the social network said it intended to continue buying other companies, but only those offering services that could be “ubiquitous”.
Facebook has invested heavily in other companies – in 2012 it paid $1 billion for the photo-sharing site Instagram.
However, it is hard for investors to judge the success of such deals, as Facebook has not detailed earnings from acquired companies.
The announcement of the new share structure comes four months after Mark Zuckerberg and his wife Priscilla Chan announced they would give away 99% of their wealth.
Mark Zuckerberg and Priscilla Chan made the announcement after the birth of their daughter Max in December.