Facebook blew away earnings this summer citing "mobile ads" as the reason for growth. Instagram had its first ad ever a few weeks prior to the earnings release, which had hundreds of thousands of comments. I can't help but feel Facebook was being misleading when they cited "mobile ads" for the revenue spike. Merchants had renewed faith in the platform thus resulting in a positive feedback cycle(merchants come back/signup -> more revenue -> revenue jumps again -> repeat). I think a break down of their mobile ad revenue would tell a much different story than the one they were trying to promote