Brian Womack reports on Bloomberg that Facebook’s biggest advertisers boosted spending by at least 10 times in the past year and expects Facebook’s revenue to reach $1.4 billion in 2010.
Some advertisers’ spending even reached 20-fold according to Facebook Chief Operating officer Sheryl Sandberg.
So far, Facebook has been acquiring start-ups to increase it’s talent pool.
Vaughan Smith, Facebook director of corporate development, said he plans to hire another corporate development executive, adding to the one person helping him secure deals presently.
It is worth mentioning that Facebook took Bret Taylor, who was recently appointed CTO, under it’s wings after Facebook bought FriendFeed for $50 million a last year. Facebook also acquired Octazen, SahreGrove, and Hot Potato, to name a few, this year alone.
“As we get bigger and our platform gets more stable, I fully expect that we will be doing more significant acquisitions. This is working for us, and it’s working for the people that we’re acquiring,” Smith told Bloomberg reporter.
Smith also said that Facebook intends to keep up its acquisition pace and also start making bigger acquisitions in the near future, potentially those companies focusing on virtual currencies, mobile social networking, and start-ups that can further boost its advertising effort.
With half a billion users worldwide, acquiring more talents to carter to the needs of it users while tapping into its strong user base to generate more revenue, Facebook is certainly heading towards the right direction.
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