Not so long ago, Facebook investors doubted the social network's ability to win on mobile. Now it's practically the only thing that matters.
Facebook said Wednesday that it's doing away with a desktop advertising platform and doubling down on smartphone ads. Facebook Exchange, or FBX, will no longer be available to advertisers starting in November.
Since a troubled IPO in 2012, Facebook has transitioned from a desktop-centric business to a dominant force in mobile, acquiring popular services such as WhatsApp and Instagram along the way. CEO Mark Zuckerberg bet that mobile was the future even when it wasn't clear if there was big money to be made.
How things have changed. In the first quarter, mobile represented 82 percent of total ad revenue, up from 73 percent a year ago. The stock has surged 46 percent in the past year to $117.89 as of Wednesday's close, and Menlo Park, California-based Facebook is now the sixth most valuable U.S. company.