Social networking giant, Facebook is planning to hold a mysterious press conference, sparking speculation about the prospects of a new product of service.

The company is holding the press briefing at its headquarters in Menlo Park in California. Facebook has not announced the purpose of the event and there is speculation that the company might be planning to launch its own smartphone or even a search engine.

The company had recently invited the press to display something that the company was building. Technology blogs say that they are not certain about what the company is planning to launch at the event. Some suggest that Facebook is looking to compete with Google and might be working to release a ad-platform related product or a search engine.

CEO Mark Zuckerberg had earlier indicated that the developing a smartphone would be a wrong strategy for the company. The social network currently offers a limited search function and the users might be more accepting to a better search engine on the website.

The shares of Facebook have risen 17 since the beginning of the year. The shares of the company had entered the stock markets with a troubled start in the previous year.