Facebook its mobile advertising efforts saw some progress during the quarter, and CEO Mark Zuckerberg suggested that Facebook will not try to build its own smartrphone, as some rumors have suggested.

But the company expects to continue the rapid pace of acquisitions it has maintained since it went public.

"Our strategy has been primarily to buy companies for talent," Zuckerberg said.

Facebook now has 4,000 employees, up by half what it had a year ago, and $10.2 billion in cash and investments on its balance sheet.

The IDG News Service