Facebook profits soar

Facebook Inc. (Nasdaq: FB) reported sales and profits that beat Wall Street's expectations, sending the social network's stock soaring on Wednesday. Shares of Facebook were up more than 15 percent in premarket trading Thursday.

On userbase growth to 1.2 billion, a 16 percent increase year-over-year, Facebook reported $523 million in fourth-quarter profits, up from $64 million a year earlier, according to CNNMoney.

"2013 was the year we turned our business into a mobile business," Facebook founder Mark Zuckerberg said on a conference call with analysts and journalists.

Read more from CNNMoney.