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Has Facebook figured out smart phones? Wall Street thinks so.

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Reuters

(Read caption) Facebook CEO Mark Zuckerberg gestured while speaking to the audience during a media event at Facebook headquarters in Menlo Park, Calif., on March 7, 2013.

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Facebook just announced its first quarter numbers. Although it fell a little short of analyst predictions, the social network has managed to delight investors and Wall Street.

Almost a year ago today, Facebook went public. Its infamous IPO last spring and subsequent price drop in stock had left investors worried.

However, much has happened in a year. When Facebook first went public, it had no real strategy for dealing with smart phones. Since then, it has launched Facebook Home, a series of Android apps that integrates Facebook into the phone’s operating system. There’s also been the release of Facebook Graph Search, which allows users to find other people by their job, likes, and locations. The Graph Search also allows advertisers to find and target users.

So, how else did Facebook beef up its revenue? Well, since last May, the company has updated its smart-phone application in order to ensure a smoother user experience. Right before the IPO, the social network also acquired Instagram, the photo-sharing application that became a hit last year.

All in all, the first quarter has proved that Facebook will continue to grow. The announcement of its $219 million revenue (up 38 percent from the previous quarter) signifies that Facebook must be doing something right, but what else does it mean?

1) Mobility is the key

Facebook has learned that if it’s going to make it as a company, it has to focus on mobile. The $219 million number announced today is made up of 30 percent mobile ad revenue. Coming from a company that had no mobile ad revenue last year, that’s something that should make analysts jump for joy.

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