General Motors Cancels $10 Million In Facebook Ads, Calls Them Ineffective
GM has decided to cancel its advertising on the popular social media website Facebook calling its $10 million a year campaign "ineffective."
Marketing executives from GM met with Facebook to discuss what GM has called poor results and said that Facebook has failed to convince them to continue advertising on Facebook.
News of this major cancellation has caused concerns for Facebook's IPO.
In a sign that Facebook's ad revenue model may be suffering, Facebook amended it's first quarter revenue earning report downward and cited the proliferation of mobile devices as a primary factor is less ad revenue.
General Motors said in a statement that results have been very low and no longer justifiable, saying they are getting less and less conversations from viewer to customer.