Now that Facebook is a publicly traded company, the company's grand ambitions are quickly coming to light. There are a number of reports of different markets the social network hopes to expand into, including Internet browsers. Now The New York Times is reporting that Facebook may be working on a smartphone. 

According to the Times, Facebook has already hired away "more than half a dozen former Apple software and hardware engineers who worked on the iPhone, and one who worked on the iPad," 

The phone will more than likely be made by HTC. Last year, AllThingsD reported that Facebook was partnering with the Taiwanese company to build smartphone codenamed "Buffy". 

The last time HTC and Facebook worked together, the result was the Status. A no-frills smartphone that came equipped with great keyboard and a Facebook button that allowed users to instantly post statuses and photos to the social network. 

Mark Zuckerberg in August of last year denied that his company was working on a smartphone. But now that Facebook is in search of more revenue streams, a smartphone seems like a strong possibility, especially as all its rivals have a foothold in the mobile space. A Facebook employee told the times that Zuckerberg is worried that Facebook will "simply become an app on other mobile platforms," 

Does Facebook need to make a smartphone? Head over to The New York Times to read the full report before you make your decision. 

[via NYT]