• by Gavin O'Malley  @mp_gavin, November 4, 2015

Facebook is not without its issues, but you wouldn’t know it judging by the company’s third-quarter earnings report.

Beating analysts’ increasingly high expectations, the social giant reported quarterly sales of $4.5 billion on Wednesday.

Better yet, monthly active users increased 14% to 1.55 billion -- and for the first time, Facebook surpassed 1 billion users logging on a daily basis. To be precise, it reported 1.01 billion daily active users during the period.

“We had a good quarter,” Mark Zuckerberg, Facebook’s founder and CEO, said in a prepared statement.

More than ever, Facebook’s continued success is due to its ongoing mobile transformation. During the quarter, mobile ad revenue represented about 78% of the company’s total ad revenue -- up from 66% during the same period a year earlier.

Worldwide, Facebook accounted for 8% of worldwide digital ad revenues, in 2014 and that share should increase to 9.6%, this year, according to eMarketer.

This year, Google is expected to remain the market leader with a 30.4% share of the market -- but if accurate, that will represent a decline of 2%, year-over-year.

More to the point, Facebook accounted for a 17.5% share of worldwide mobile ad spending, last year, which decline decrease slightly this year to 17.4%, eMarketer expects

Separately, Instagram's worldwide ad revenue will be $600 million, this year, and eMarketer expects that figure to reach $1.48 billion in 2016, and $2.81 billion in 2017.

Of note, Instagram's ad revenues are mobile-only. Regardless, the popular unit should account for 5% of Facebook's worldwide mobile ad revenue, this year, and 14% of that total in 2017, eMarketer forecasts.