The world’s most popular social media website Facebook has revealed a 138 per cent increase in profits during the second quarter of 2014.

Facebook declared income of $791 million (£464 million) for the three-month period, with revenue from advertising increasing by two-thirds to $2.68 billion.

However, expenses were also up 22 per cent, with the business spending big on expansion plans.

In a statement on the website, founder and CEO Mark Zuckerberg said: "Our community has continued to grow, and we see a lot of opportunity ahead as we connect the rest of the world."

"We had a good second quarter," he added.

Mobile traffic is continuing to increase with more than a billion users accessing the site through smartphones and tablets. Revenue from mobile advertising was also up 62 per cent year-on-year.

News of increased revenue and users had an immediate impact on the stock market. It sent Facebook shares spiralling five per cent after the results were released.