The latest earnings from Facebook show fourth quarter profits of $701m, a 34% increase on the same period a year ago.
Advertising grew by 53% to £3.9bn, with nearly 70% of that coming from mobile ad sales.
The social networking giant said it now has 1.39 billion active users each month, which is a 13% increase from last year.
In a statement, Mark Zuckerberg said they "got a lot done" in 2014.
Total profits were £2.9bn, almost double the total for 2013.
However, as the social network invested more heavily in marketing and research and development, the amount of profit the company made on each dollar of revenue decreased from 44% to 29% from a year earlier.
The amount Facebook is spending on R&D nearly tripled to $1.1bn this quarter, as the company spent a great deal on developing its various acquisitions, such as Instagram, Whatsapp and virtual-reality headset maker Oculus Rift, as well as its own in-house messaging products and video products.
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