Steiman: Facebook is making big progress with mobile ads

Eric Steiman, manager of the Undervalued Opportunities investment model at Covestor, says that Facebook (FB) continues to gain traction with its mobile advertising strategy.

Facebook made “zero dollars” in 2011 on mobile ads, Steiman told the E-Commerce Times. Yet it posted $250 million in mobile revenue in Q3 2012.

“That is a huge move for any company,” Steiman said. “They will continue to gain traction as more users flock to mobile devices for all their needs.”

Steiman is making a fairly large bet on Facebook this year: It now accounts for more than 10% of the total holdings in Undervalued Opportunities, and is a top 5 position.

You can see his full interview with the E-Commerce Times here.

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