Mbps (Megabits Per Second)

Stands for "Megabits Per Second." One megabit is equal to one million bits or 1,000 kilobits. While "megabit" sounds similar to "megabyte," a megabit is roughly one eighth the size of a megabyte (since there are eight bits in a byte). Mbps is used to measure data transfer speeds of high bandwidth connections, such as Ethernet and cable modems.

Definition from the Tech Terms Computer Dictionary
http://www.techterms.com/definition/mbps