Facebook reported its third quarter earnings yesterday and the results narrowly beat Wall Street’s expectations. After the IPO disaster and a disappointing second quarter, Facebook desperately needed good news and luckily for its shareholders, the company delivered.

Most importantly, Facebook managed to stop the worrying deceleration of its revenue growth, thanks to a strong quarter of the company’s ad business. Moreover, Facebook’s mobile ad business, considered crucial to the company’s future success, is off to a great start, already accounting for 14 percent of total ad revenues.