Facebook Inc (NASDAQ:FB) is excited with a new product launch that has important ramification for the company and its bottomline.
On Thursday it unveiled the product, even allowing photographers into its office as it gave CNBC an exclusive preview.
The product is a new application designed for Apple's iOS and marks a major initiative by the company to take on the mobile challenge head-on.
One of the biggest stumbling blocks to the growth of Facebook, which was revealed at the time of its second quarter results, was that a large part of its subscribers have been migrating to mobile devices and accessing the social network from there.
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However Facebook has been unable to monetise the mobile space, one reason why its share prices have been at the receiving end on Wall Street.
The new product promises to work twice as fast as the older ones, keeping pace with the new generation Apple devices.
Facebook has made sure that the product application is closely tied to Apple's code and is built specifically to integrate with the iPhone maker's technology. Executives at Facebook told CNBC that this will make it easier for the company to react faster to changes and roll out updates.
Facebook's director of product Peter Deng told CNBC "We are a mobile first company... every single app we are building now starts with mobile." Deng said that now across the company teams are thinking about mobile before they think about the web experience.
However executives were still cagey about explaining how it was going to affect the company's ad revenues. Maybe that will be cleared up later.