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Mobile ads are driving up Facebook profit and the Federal Reserve says the economy isn't stable enough to end its stimulus efforts. Here's the Wednesday Bloomberg After The Bell Report from the New York Stock Exchange.
Facebook reported quarterly earnings after the bell, beating analyst estimates. Revenue was up 40 percent at the social media giant over the same time period in 2011. Much of that growth was bolstered by CEO Mark Zuckerberg's push into mobile advertising. Facebook is also ramping up lobbying efforts.
The Center For Responsive Politics says the company more than doubled the amount it spent on lobbying last year to $4 million, a drop in the bucket compared to Google's total of more than $18 million, a jump of nearly 90 percent as the company deals with an ongoing antitrust investigation.
Stocks fell after the Federal Reserve concluded its two-day meeting and said it will maintain its stimulus plan. Fed chairman Ben Bernanke has promoted the government's 85 billion per month purchase of securities as a way to bolster the economy. The Federal Reserve has said stimulus efforts will continue until there's a major improvement in the labor market.