The post-mortem made for an embarrassing 2012 for a business that had enjoyed an astonishing rise, emerging from a university dorm room to become a technology behemoth in less than a decade, reigning over the social web from a base in Menlo Park, near San Francisco.

Only this week, more than a year after the stock floated and then promptly disappeared under water, did the price rise back to $38, the level at which it was initially sold to investors. The reason: Facebook’s success at harnessing our growing fondness for mobile devices to generate advertising revenues.

Last year, in its second-quarter earnings release, the company didn’t even bother to mention how much it made from mobile advertising, so nascent were its efforts in the new market.

This year, the only thing anyone can talk about after the recent second-quarter results – and the thing that drove up the share price – was the announcement that more than 40 per cent of the company’s advertising revenues over the period came from mobile. The update helped cement a change in sentiment toward the company. 









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