- By Shudeep Chandrasekhar

Facebook (FB) blew a lot of records during the second quarter. The social media giant reported EPS of 97 cents and quarterly revenues of $6.44 billion when Wall Street was expecting $6.02 billion revenues and 82 cents EPS. Facebook has now beaten estimates 16 out of 17 times since going public.

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• FB 15-Year Financial Data

• The intrinsic value of FB

• Peter Lynch Chart of FB

For some reason Facebook is one company that analysts keep underestimating over and over. I covered plausible reasons for their high valuation in an earlier article called " Facebook: The Long and Short of It" that would be a good follow-up article once you've read this one.

Some hard-hitting numbers

The company added 60 million monthly users during the quarter - exactly 20 times more than what Twitter (TWTR) added during the quarter. Total monthly active users now stands tall at 1.712 billion, a full one billion more than the 738 million facebook had by the end second quarter 2011. It's an astonishing pace of growth, fueled largely by Facebook's user base expansion in Asia Pacific and other markets.

The biggest takeaway from their second earnings call is the way average revenue per user is growing across the board. Yes, the company increased its revenues and blew estimates, but ARPU growth is one metric that can easily tell us the amount of respect and value the company commands from advertisers. ARPU has steadily grown in all regions for the last four quarters, but the icing on the ARPU cake is Rest of World and Asia-pacific ARPU growing 37.21% and 25.56% over the last year.

The growth in advertising revenue all over the world is happening at a time where mobile advertising revenue is also taking off for Facebook. This is not a coincidence and possibly directly related to each other. There are plenty of websites around the world that are struggling to monetize their mobile readership, but Facebook seems to be swimming against that tide. Nearly 84% of its advertising revenue during the second quarter came from mobile, up from 76% during the second quarter of last year. At this rate, desktop may become an insignificant revenue stream at some point.

Understanding the real Facebook

Despite its size and scale, user base is still growing at a rapid pace, average revenue per user is expanding and this is all happening when Facebook is earning most of its money from mobile advertising. This cannot be happenstance, and I don't think Facebook was just lucky to fall into that spot.