Facebook Inc (NASDAQ:FB) is preparing to launch its own mobile ad network that competes against Google’s AdMob and Apple’s iAd, according to Re/code. Facebook is expected to be launching the new service at the Facebook Developer Conference in San Francisco later this month. Facebook serve ads already so this means that you will see Facebook ads even if you are not on the social network. Facebook generated $1.24 billion in mobile ads in Q1 2014 from just the Facebook line of apps. Now Facebook wants to make its ads available to other developers.