Citing people with close connections to the company, The Wall Street Journal reports that Facebook has been working on a news delivery service called 'Reader' for over a year.
The sources say that the service displays content from Facebook users and publishers in a “new visual format tailored for mobile devices” and add that users are able to swipe through articles as they would on Flipboard or other news aggregation apps.
Facebook CEO Mark Zuckerberg is said to be watching the project closely, and has even provided feedback on design on more than one occasion, while the service is expected to debut first on Apple's iPhone and iPad.
This move is a sure sign that Facebook wants its users to spend more time on mobile devices, specifically so that the social network can promote more mobile ads.
Mobile advertising is increasingly big business at Facebook, with the social network reporting in Q1 that mobile advertising revenue accounted for 30% of its total ad revenue.