Facebook Working on Location-Based Mobile-Ad Product

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.

“Phones can be location-specific so you can start to imagine what the product evolution might look like over time, particularly for retailers,” Carolyn Everson, Facebook’s vice president of global marketing solutions, said in a telephone interview. “We’ve had offers being tested over the last couple of months.”