A press conference Facebook is due to hold later today is shrouded in mystery, though some have speculated that the social media site is set to launch its own search engine.

The company invited members of the press to "come and see what we're building” at their Califronia HQ 1pm EST or 6pm GMT, but didn’t say any further as to the reasons for the event.

This has prompted frenzied speculation that Facebook will launch an updated iPad-optimised version of its mobile app or that the company could even announce a Facebook phone. However this is extremely unlikely, seeing as CEO and founder Mark Zuckerberg said last year that this would be the “wrong strategy” for the company.

Last night technology blog Pocket-lint reported that the company was planning to launch a Facebook search service at the event, quoting trusted sources. Whether this means the company is about to announce a rival service to Google remains to be seen, as it could just be that the search function within Facebook itself will be improved.

In anticipation of the announcemt, yesterday Facebook's stock opened above $32 (£19.90) for the first time since the company floated on the stock exhcnage back in May.

 

Written and presented by Alfred Joyner