The Facebook phone: Facebook Home for Android unveiled

Facebook is hosting a mobile event at its headquarters in Menlo Park, Calif., today, April 4, where they are revealing details about a new smartphone deeply integrating key features of the social network.

Facebook will be integrated into Android smartphone software with a modified version of Google Inc.’s operating system as it seeks to boost sales from ads on small screens.

Rumors of a Facebook phone have been swirling for years, but CEO Mark Zuckerberg has repeatedly denied the company was "building" a phone, saying Facebook was not interested in becoming a hardware company.

"Rather than have Facebook be one of the myriad apps people use on their phones, [it's] trying to elevate Facebook to a higher level," Forrester Research analyst Charles Golvin said.

"Whether it's the pictures you share, the messages you send or the conversations you have over voice or video, Facebook wants to be the primary conduit for those connections. You can't do that at the app level."

The mobile news feed that users see when they first turn on the phone is called Cover Feed. Again, it's a combination of images, link sharing and status updates. Basically, the same stuff on News Feed. For text-heavy status updates, users will see their friend's Cover Photo in the background. Users simply tap the Like or Comment button to interact, or swipe down to move away.

This announcement come has Facebook has received an influx in ad revenue from mobile phones. According to a report from research firm eMarketer, the company will hit nearly $1 billion a year in ad revenue.

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