Facebook has reported a 195% rise in quarterly profit, according to BBC. The social networking major has earned $1.5 billion in profits between January and March, as opposed to $512 million last year. While sales for the quarter touched $5.3 billion, up from $3.5 billion in 2015, mobile advertising accounted for 82% of the company's overall revenue from ads. Last year, such ads had contributed 73% of the the overall revenue. The website also saw a surge in total monthly active users. As many as 1.65 billion people visited the website every month, a 15% increase from last year.

The company's shares went up by 9% in after-hours trading. The US-based company has now proposed a new class of shares. This amendment will allow founder Mark Zuckerberg to sell his shares without losing control of the company. The company said the move will "encourage Mr Zuckerberg to remain in an active leadership role at Facebook".