Scholars and practitioners of knowledge management have paid increasing attention to the adoption of social media in business-to-business (B2B) setting for knowledge sharing; however, both the theoretical and empirical research in this domain are quite fragmented. The aim of this research is to deepen the understanding about the B2B companies’ awareness of the potentials of social media in improving their absorptive capacity and, consequently, if and how such companies deploy knowledge strategies based on social media adoption. We carried out an empirical survey of Finnish technology companies operating purely in B2B markets. Results highlight that social media adoption is still in a preliminary stage of development. Companies show a lack of awareness of the potentials of social media as a means for external knowledge acquisition and internal dissemination. Results suggest a strong need of a structured approach to the adoption of social media to overcome cultural and organisational barriers.