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The migration of Facebook’s user base to mobile devices has been seen as an existential threat to the social network, but its mobile ad revenue is starting to keep up. It grew to 41% of total ad revenue in the second quarter, sending its shares up more than 17% to $31 after-hours trading.

While Google and Yahoo struggle with mobile, Facebook seems to have figured it out. Mobile has climbed steadily upward as a percentage of Facebook’s total ad revenue since the third quarter of last year. It grew from 14% to 23% to 30% and now made the biggest quarter-over-quarter jump to 41%.

Considering the global patterns of Facebook usage, demonstrating mobile ad revenue acceleration is critical for the company. There were 819 million mobile monthly active users on Facebook as of June 30, up 51% over the previous year. That’s 71% of the total who access the social network at least once a month.

Continue reading at AdAge.com