Facebook reports surging revenue and profit

Facebook saw a 21% increase in daily active users on the previous year. Credit: Dave Thompson/PA Wire

Social network giant Facebook has reported an increase in revenue and profit despite recent acquisitions, the company's quarterly figures show tonight.

According to figures released by the social network, which was founded in 2004, revenue was up by more than 70% compared to the same quarter of 2013.

The technology firm reported revenue of $2.5 billion (£1.4bn), compared with $1.46 billion (£834m) in the same quarter last year.

The social network also recorded a profit of $642 million (£383m), as well as an increase in the number of daily active users of the service, up 21% on 2013 at more than 800 million.