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 / Updated  / Source: Associated Press

Facebook is on a roll. The world's largest online social network posted sharply higher earnings Wednesday as revenue from mobile advertising continued to grow, and more people used it, more often. The company's shares climbed nearly 4 percent in extended trading, signaling that they could hit a record high when the stock market opens Thursday. Facebook said it earned $788 million, or 30 cents per share, in the April-June period. That's up from $331 million, or 13 cents per share, in the same quarter a year ago. Adjusted earnings were 42 cents per share, handily beating Wall Street's expectations of 33 cents, according to a poll by Zacks Investment Research. Facebook's revenue jumped 61 percent to $2.91 billion. Mobile ad revenue was $1.66 billion, or 62 percent of Facebook's total advertising revenue for the quarter. Facebook had 1.32 billion active users at the end of June, up 14 percent from a year earlier. Daily mobile users averaged 654 million in June, up 14 percent.

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-The Associated Press