SAN FRANCISCO (REUTERS) - Facebook Inc's mobile advertising business continued to accelerate in the first three months of the year, helping the Internet social networking company top Wall Street's revenue target.

Facebook said that mobile ads represented 59 per cent of its ad revenue in the first quarter, up from 30 per cent in the year-ago period.

Facebook's overall revenue grew 72 per cent year-on-year to $2.5 billion (S$3.14 billion) in the first quarter, above the US$2.36 billion expected by analysts polled by Thomson Reuters.