Facebook posts strong 4Q as company closes gap with Google

SAN FRANCISCO -- Facebook is growing rapidly as it enters adolescence, putting it in a position to challenge Google as the Internet's most powerful company.

Facebook's fourth-quarter report released Wednesday provides the latest gauge of the social-networking company's impressive strides.

The results marked the first time that Facebook's quarterly revenue has surpassed $5 billion. The performance surpassed analyst estimates.

Facebook's earnings also more than doubled to $1.56 billion, even as the Menlo Park, California, company invests heavily in virtual reality, Internet access in remote parts of the world and a mobile ad network for services other than its own.

The company's stock surged by more than 6 percent after the report came out.