Facebook's mobile users surpassed its desktop users for the first time in company history, executives said Wednesday. (Scott Beale/Creative Commons)

The social-networking giant raked in $1.59 billion for Q4 2012, up from the $1.31 billion generated during the same quarter of the previous year. Facebook highlighted the increase in user activity through mobile devices as a factor behind the revenue growth.

The company collected 23 percent (about $305 million) of its advertising revenue through mobile ads during Q4, a boost from 14 percent the previous quarter. Advertising accounts for 84 percent of all Facebook revenue.

CEO Mark Zuckerberg said during a conference call Wednesday afternoon that the earnings report is an indicator that Facebook has evolved into a "mobile company." The company said users who accessed the site through cell phones and tablets surpassed desktop users for the first time during the fourth quarter.

"I think people are starting to understand that mobile is a great opportunity for us," Zuckerberg said. "We should be able to have connections with more people and deepen their engagement."

About 680 million users access service through mobile devices -- a 57 percent increase over last year -- and more than one billion people are now using Facebook, according to company executives. 

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Although Facebook has bolstered its mobile presence over the past year with moves such as purchasing Instagram, Zuckerberg dismissed speculation that the Menlo Park, Calif.-based company is working to develop a smartphone when asked about the topic during the conference call's question-and-answer portion.

"People keep asking if we're gonna build a phone.  We're not gonna build a phone," he said.

Despite the surge in revenue, the company reported profits of just $60 million in the  final quarter of 2012, compared with $300 million the prior year. Facebook hired about 1,400 employees in 2012 and could see expenses soar an additional 50 percent as it seeks more hires to develop products such as Gifts and Graph Search. 

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Gifts is a service that allows users to purchase items for Facebook friends, while Graph Search allows them to find shared interests with their connections. Zuckerberg urged analysts to "temper revenue expectations" for these products for the time being.

"It is a completely new pillar of our ecosystem," Zuckerberg said, referring to Graph Search. "It's a beta product--we're rolling out to get more data. It's rolled out to the order of tens or hundreds of thousands of people."

Perhaps word of the company's growing expenses dimmed investor confidence somewhat. Facebook stock fell more than three percent during after-hours trading following the earnings report's release.

Find more Neon Tommy coverage of Facebook here.

Reach Senior Staff Reporter Danny Lee here; follow him here.