Facebook (FB) showed its mobile prowess, once again. During the second quarter, mobile advertising accounted for 76 percent of the social media giant’s total advertising sales, compared to 62 percent during the same quarter last year. ‘It’s clear that Facebook is a mobile monetization machine,’ said Daniel Knapp, director of research at IHS Technology. ‘Next quarter, we think mobile will account for 82 percent of its total ad revenue.’ Facebook also seems to have its sights set on trumping Google (GOOG) as the leader in the mobile advertising space. ‘Facebook is the biggest threat that Google has ever had,’ Knapp said. ‘Google is only succeeding in the search aspects. Google doesn’t have this massive log-in data of 1.5 billion users. When people watch YouTube, they don’t log-in so Google is partly driving blind.’ Facebook’s treasure trove of user data - from the age of each user to their marital status, is proving to be highly profitable when it comes to helping advertisers target specific demographics. Although Facebook’s net income of $0.50 a share beat Wall Street’s expectations of $0.47, profits dipped 9.1 percent year-over-year on the heels of an 82 percent jump in costs. TheStreet's Scott Gamm reports from New York.