Facebook has posted revenues of $4.5bn (£2.9bn) for Q3 2015, up 40.5 per cent year-on-year, and profits of £1.5bn, up 4.4 per cent.

The vast majority of revenues came from advertising, some $4.3bn – and 78 per cent of that ($3.4bn) came from mobile, compared to 55 per cent in Q3 2014.

The social network now attracts 1.6bn monthly active users, with mobile accounting for 89.7 per cent (1.4bn) of them. Android alone accounts for over 1bn users, with 50m of those using Facebook Lite, the stripped-down version of the service created specifically for emerging markets.

“People have already shifted to mobile and this shift is driving engagement on Facebook,” said COO Sheryl Sandberg on the companys earnings call. “The average American adult spends 25 per cent of their media time on mobile, and Facebook and Instagram together continue to account for over one in five minutes on mobile in the US. Businesses are lagging behind consumers in making this shift to mobile, and we believe were well positioned to help them catch up.”

During the earnings call, it was also revealed that Facebook now sees 8bn daily views of video content, and more than 500m users watching videos every day. The format has been adopted even by small businesses, 1.5m of which posted a video – either as organic content or an ad – in September.