Facebook reports sharp rise in revenue, shares dip

Mobile ads accounted for 84 percent of Facebook's total advertising revenue of $6.82 billion in the third quarter that ended Sept. 30, compared with 78 percent a year earlier. The company is also reaping the benefits of a big push into video, both on Facebook itself and on the Instagram photo app. Facebook reported a 55.8 percent rise in quarterly revenue, to $7.01 billion, beating analysts' average estimate of $6.92 billion, according to Thomson Reuters I/B/E/S.