A social media giant has reported a jaw-dropping rise in profits.

Facebook has announced a 76 per cent increase in profits for the first three months of 2017.

It said its quarterly profits had surged to £2.37billion, a rise that has been attributed to a 42.1 per cent hike in mobile advertising sales.

Mobile advertising revenue represented approximately 85 per cent of advertising revenue for the first quarter of 2017, up from approximately 82 per cent of advertising revenue in the first quarter of 2016.

In a further boost, facebook said the number of monthly active users had increased by 17 per cent over the past year to 1.94billion, of which about 1.3billion use it daily.

"We had a good start to 2017," said Mark Zuckerberg, Facebook founder and CEO, in a statement. "We're continuing to build tools to support a strong global community."

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