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TIME Business Advertising Mobile Ads Fuel Facebooks Growth, Again The login page for the Facebook Inc. mobile application is displayed on an Apple Inc. iPhone 5. BloombergGetty Images Mobile ads accounted for 69% of the social networking giants fourth-quarter ad revenue

Facebooks sales jumped nearly 50% in the latest quarter, fueled by growing ad revenue from more users connecting through their mobile phones, the company said Wednesday. Here are the key points from Facebooks fourth quarter earnings report.

What you need to know: The social networking giant continued to ride a strong mobile ad business to $3.85 billion in quarterly revenue an increase of 49% from $2.6 billion during the same quarter a year earlier. Facebooks quarterly profits totaled $701 million, or 25 cents per share, representing a 34% year-over-year increase.

Once again, Facebook got a bulk of its revenue from mobile ads as it surpassed analyst expectations of $3.7 billion in revenue. Facebooks sales have grown by about 60% in each of the previous two quarters with much of those gains attributed to mobile ads. Despite topping analysts forecasts, Facebooks fourth quarter saw the companys slowest rate of quarterly sales growth since early-2013 and the companys shares dipped slightly in after-hours trading.

The company also provided full-year financial results, showing a 58% bump in annual revenue, to $12.5 billion, and $2.9 billion in profits nearly double 2013s profits.

We got a lot done in 2014, CEO Mark Zuckerberg said in a statement. Our community continues to grow and were making progress towards connecting the world,

The big number: Facebook ended 2014 with 1.39 billion monthly active users (MAUs), which was up 13% from 2013. Mobile MAUs grew by 26% in 2014, to 1.19 billion.

Facebooks expanding mobile ad business, which has shown huge gains over the past couple of years, represented nearly 69% of the companys $3.6 billion in ad revenue. Ad sales were up 53% from last years fourth quarter, when mobile ads accounted for only 53% of overall ad revenue.

What you might have missed: In October, Facebooks tumbled slightly following the companys third-quarter earnings report after the company announced plans to dramatically increase the companys spending on hiring and acquisitions in 2015. In the fourth quarter, Facebook said, the companys capital expenditures rose 7%, to $517 million.

This article originally appeared on Fortune.com.

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Mobile Ads Fuel Facebooks Growth, Again