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Coca-Cola's marketing chief, Joe Tripodi, said that advertising with Facebook probably helps drive sales. The comment marks a powerful endorsement at a time when some advertisers, such as GM, have expressed doubt about putting ad dollars into Facebook.

Facebook Inc., owner the world’s largest social network, says it’s working on a location-based mobile-advertising product that will allow companies to target users with real-time data showing their whereabouts.

Stung by claims in recent weeks that its advertising doesn’t work, Facebook is pouring on the public relations to insist that in fact, ads work just fine on the site. But while some of the claims of critics rest on shaky evidence, many questions about Facebook’s value as an advertising medium remain among the brands that constitute the bulk of all advertising online and off.

We've heard rumblings that Facebook was testing a system called Highlight that would allow people to pay to promote a post, and now obnoxiously enough, it's starting to show up.

Facebook's reach is wide but not deep. Few users surveyed in an Associated Press-CNBC poll say they click on the site's ads or buy the virtual goods that make money for it.

This is a novel way to generate revenue from non-intrusive advertising, and could offer much more value to brand advertisers than just mobile display ads slapped in the faces of users.

Shares of online marketing services provider ValueClick are taking a beating after hours Wednesday following the company's Q1 financial report. ValueClick posted revenue of $152.9 million, up 31% from a year ago, but below the Street consensus at $157.8 million. Guidance had been for $155 million to $160 million.