Either way, the hype has pushed the firm's shares up.
Today's mysterious Facebook mobile event has left many analysts and journalists scratching their heads, as the social network's enigmatic message to 'come see what we're building' gave nothing away.
Regardless of that, Reuters says that Facebook's stock has blown past $32 for the first time in six months – up 17 per cent since the start of the year.
Nobody – except CEO Mark Zuckerberg and his most trusted cohorts – really knows what's going to be revealed, though it's long been thought that the firm is working on a smartphone.
Zuckerberg recently said a mobile wouldn't move the rev needle for the company, which while true could be deception, with the miscellaneous mobile startup acquisitions made over the past year offering the company sufficient firepower to deliver controlled content to a branded device.
Other conjecture, meanwhile, suggests that the firm is cooking up an operating system to do battle with iOS, Android and Windows Phone, while another thought is that a search engine could be unveiled.
The 2004-born platform only started monetising its mobile division with ads last summer, which are already accounting for 14 per cent of total ad revs. It's perhaps this that prompted Jefferies & Co analyst Brian Pitz to say: "If I were to bet, I'd think it was something that was ad-platform related. I'm not convinced on the phone."
60 per cent of Facebook's billion active users access the network through their mobiles. It's also worth noting Facebook has been rumoured to be taking over Waze and WhatsApp.