GM stops advertising on Facebook days before social network's IPO
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The timing for Facebook could not be worse. Blue chip advertiser General Motors plans to stop advertising on Facebook after the company's marketing team decided that the social network's ads were not wooing new customers. The story was first reported by the Wall Street Journal, which says GM will continue using Facebook's free pages to promote its products.
Facebook's IPO is set for Friday morning and is expected to do very well. But this news adds to the growing chorus who say that the social networking giant's business may have peaked. The company reported weaker-than-expected financials for the first quarter of 2012, with its advertising business slowing and its profit dropping. »read more
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