Facebook has yet again reached a record high profit, beating analyst expectations and growing the social network as one of the biggest companies in the world right now.

Image credit: www.abc.net.au

Image credit: www.abc.net.au

ABC reported, Facebook also announced a 138 per cent rise in second quarter profit to $US791 million, with the company’s shares almost tripling in value this year, closing at $US71.29 cents ahead of the results.

Facebook’s newsfeed ads, which place promotional content directly into a user’s own stream of news, have been praised for the growth and the stock price this year.

“Our goal here is to make ads as interesting and useful as your friends’ content on Facebook,” said chief executive Mark Zuckerberg.

“We’re investing heavily in this area. This quarter we launched a number of efforts to improve the quality and relevance of our ads including our new ads preferences tool, intra-space advertising and improvements in news feed designed to improve low quality content.”