Facebook is doing just fine in the ads game, it turns out.

A day after a Forrester executive said that the social network is “failing marketers,” Facebook turned in stellar quarterly results that have the stock price up 16 percent in after-hours trading.

“For nearly ten years, Facebook has been on a mission to connect the world,” said Mark Zuckerberg, Facebook founder and CEO. “The strong results we achieved this quarter show that we’re prepared for the next phase of our company, as we work to bring the next five billion people online and into the knowledge economy.”

facebook daily active usersDaily active users were up 25 percent to 728 million, monthly active users were up 18 percent to 1.19 billion, and mobile monthly actives were up 45 percent to 875 million. Perhaps most importantly, however, given the Forrester comments, the social network’s revenue from advertising was $1.8 billion, which is up 66 percent from the same quarter a year ago.

Clearly, the company is failing. Or its advertisers are complete morons.

Mobile revenue represented almost exactly half of Facebook’s revenue, at 49 percent, and the company has not yet even started to monetize a jewel in its mobile crown, Instagram.

Facebook will account for a 5.41 percent share of all global digital ad revenues this year, eMarketer says, which of course still pales in comparison to Google, which rakes in 32.48 percent. And Facebook will account for a 15.8 percent share of all global mobile ad spending, while Google pulls in 53.17 percent.

Facebook’s share, however, is growing faster than Google’s, especially in mobile, where the search giant is losing share — while still growing, of course — to the social network.

There’s still plenty of room to go. In the U.S, alone, digital ad spending rose 13.3 percent to $10.46 billion in past quarter, and eMarketer says that Facebook’s share is growing to 7.1 percent this year, up from 5.9 percent last year.