Facebook Inc. increased its revenue 61 percent in the second quarter, beating Wall Street's target as the Internet company benefited from strong demand for its mobile advertising business.

Shares of Facebook were up 56 cents at $71.85 in after-hours trading on Wednesday.

Facebook said that mobile advertising revenue represented 62 percent of its ad revenue in the second quarter, up from 41 percent in the year-ago period and 59 percent in the first quarter of 2014.

Overall revenue totaled $2.91 billion in the three months ended June 30, versus $1.81 billion in the year-ago period. Analysts polled by Thomson Reuters I/B/E/S were looking for revenue of $2.81 billion.

The world's largest Internet social network said it now counted 1.32 billion monthly users.

Facebook posted $791 million in net income, or 30 cents a share, compared with $333 million, or 13 cents a share, in the second quarter of 2013. Excluding certain items, Facebook said it earned 42 cents a share in the second quarter, surpassing expectations for 32 cents a share.