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    Report: Facebook Building Smartphone

    Electronic screens show the price of Facebook shares after they began trading Friday, May 18, 2012 in New York. The social media company priced its IPO on Thursday at $38 per share, and beginning Friday regular investors will have a chance to buy shares. (AP Photo/Richard Drew)

    Richard Drew / AP Photo

    Facebook is ready to bounce back from its rocky IPO. The social network may be planning to release its own smartphone by next year, according to Facebook employees and engineers. The company has hired more than six former Apple employees who worked on the iPhone and one who worked on the iPad. This is the company’s third attempt to create a smartphone, including a project last year, which was codenamed “Buffy.” One Facebook employee said, “Mark [Zuckerberg] is worried that if he doesn’t create a mobile phone in the near future, that Facebook will simply become an app on other mobile platforms.”

    Read it at The New York Times