FACEBOOK shares hit a record high after the social network posted profits growth of 137 per cent for its last quarter.

Revenue from advertising, which makes up most of Facebook's income, was $2.68bn, up 67% compared with the second quarter of 2013.

Adverts on mobile devices now account for 62% of advertising revenue, which is a spectacular rise as mobile ads accounted for almost nothing in 2012.

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But the social networking company's rapid expansion has resulted in a sharp rise in costs.

Expenses were $1.52bn in the second quarter up 22% from 2013.

"We had a good second quarter," said Facebook founder and chief executive Mark Zuckerberg in a statement accompanying the results.

"Our community has continued to grow, and we see a lot of opportunity ahead as we connect the rest of the world," he said.

The company now has 1.32 billion active users every month, up 14% on last year.

Of those users more than a billion are on mobile devices.