Staff and wire reports

Facebook's quarterly earnings released Wednesday beat analysts' expectations.

The social media giant reported earnings of 17 cents per share, above the expected 15 cents, on revenue of $1.59 billion. That tops the revenue estimate of $1.53 billion.

The results serve as a bellwether of progress for social advertising, online games and mobile.

Facebook's revenue remains dwarfed by Google's, which last year topped $40 billion.

The social network held the No. 1 spot in U.S. mobile display advertising revenue in 2012, taking 18.4% of the market, according to eMarketer.

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