Facebook began showing mobile advertisements for the first time last spring. It reported after the market closed Wednesday that those advertisements accounted for 41 percent of its total advertising revenue in the most recent quarter.
Overall revenue jumped 53 percent to $1.81 billion for the period. It also reversed a year-ago loss.
Those numbers evaporated doubts about Facebook's ability to capitalize on the mobile market, and trading volume in company shares rocketed Thursday.
Facebook's stock jumped 30 percent in Thursday's trading to close at $34.36.
The stock of Facebook Inc. priced at $38 when the company went public in May 2012.
Goldman Sachs said Thursday that with concern about the company's growth prospects compounding monthly, everyone had been waiting for a breakout quarter. This quarter, Goldman believes, should help mitigate those fears.
In addition to Goldman Sachs, Deutsche Bank, BMO Capital Markets, Wedbush and Jefferies & Co. raised their price targets.
Wedbush analyst Michael Pachter called Facebook a "new king of phones" and said he expects revenue growth to be supplemented next year, as Facebook starts making money from its Instagram photo and video-sharing service.