One of the reasons Facebook stock (Nasdaq: FB) hasn't fared better since it started trading - it's off 25% from its $38 IPO price - is the company's failure to profit from increased mobile activity among users.

But now, less than a year after Facebook's acknowledgement that it needed to monetize its growing mobile member usage, the company bills itself as a truly mobile company.

"After initially struggling, Facebook has now mastered mobile, and I think the company has a bright future," CNBC's Jim Cramer said.

The company has made headway in the arena. Mobile monthly active users increased to 680 million in January, up 57% from a year earlier.

And mobile ad revenue tripled from the third to fourth quarter and now comprises 23% of total ad revenue.

"Over the last six months, while the public has pondered its mobile strategy, Facebook has quietly emerged as the superpower of application discovery, and is progressively playing a powerful role in reshaping e-commerce, media and advertising on mobile platforms," wrote All Things D. "Facebook's new products - ranging from open graph and timeline to mobile installs - are reshaping how brands, companies and app developers can connect with their audiences and facilitate discovery in a crowded app world."

More than half of Facebook users now access the site via mobile devices even though the on-the-go site lacks many features included in the PC version.

Nonetheless, the shift has been dynamic and is chipping away at FB's desktop income stream, which generates greater, but now waning, revenue.

All Things D says that as Facebook's mobile infrastructure develops, the social media behemoth is poised to transform mobile's future much like Google's (Nasdaq: GOOG) Adwords changed the face of search.

So does this mean the Facebook stock price will start to reward investors?

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