Facebook has been losing out on its revenue due to the lack of advertisement services in its mobile and tab apps. And therefore, with a plan to get back into the business with a bang, the social networking site launched a beta version of their new mobile ad service. With this beta version, Facebook will serve targeted ads to users even when they visit other sites and app stores.

Based on users’ likes, age and other information, Facebook will show users ads relevant to them, even when they are outside the social network.

With this mobile ad network, Facebook hopes to earn revenue on traffic, without hurting its users’ experience.

It will also give app developers and brands a powerful way to reach specific audiences that they’ll be willing to pay more than if they advertised with a less accurate ad exchange directly.

However, Facebook has not yet revealed the names of advertisers, ad exchanges, ad networks, or publishers involved.

On opening their Facebook page on mobile devices, users might see small banner ads, which will be targeted based on their biographical and social data within non-Facebook mobile iOS and Android apps along with other mobile websites where users have confirmed themselves with Facebook. Advertisers, on the other side, will set a bid with Facebook to target users as per their demographic.

Meanwhile, Facebook will sync its user IDs with other mobile ad exchanges. So whenever a Facebook user visits one of the apps or sites where these exchanges have placements, the exchange immediately sends Facebook that user’s ID and asks if there’s a bid set to target them. And in case there’s a bid, Facebook will pay the ad exchange some portion of the bid to show the ad to users.

These ads can eventually lead users to the App Store pages from where they can download the content. Currently, the social networking site is testing the app to see how users perform. The service might start later today. In case it hits off with users, Facebook could get a way of making lot of money that it recently lost in plummeted share prices.