Facebook Advertisers Increase Spending Ten-Fold

Market leaders have increased their advertising spending in Facebook by 10 times, the Telegraph reported on Wednesday.

Sheryl Sandberg, the social network's chief operating officer, has revealed in an interview with financial news group Bloomberg, that a number of the main advertisers on Facebook have increased their spending 10-fold over the past one year.

“Two years ago the big brands were experimenting with us. They started buying with us a year ago. Now, they’re going big,” Sandberg said to Bllomberg.

She declined to identify the largest advertisers, stating that Facebook does not reveal revenue details.

Some of the brands advertising on Facebook are known to include Adidas AG, Coca-Cola and JP Morgan Chase & Co.

According to recent reports, Facebook is expected to achieve over $1 billion from advertising sales this year. Last year, Facebook managed sales between $700 million to $800 million.

Despite the recent growth, Facebook is not expected to float on the stock market until 2012, allowing more time for sales and profit to increase.