Live Blog of the Event: What Does Facebook Have Up Its Sleeve?

Facebook QuestionShares of Facebook (NASDAQ:FB) were up about 1.5 percent at noon on Tuesday ahead of its much-hyped event at 10:00 a.m. PST/1:00 p.m. EST. The world’s largest social network invited press and pundits to “come and see what we’re building” at its headquarters in Menlo Park, California.

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At a glance: Facebook announces Graph Search, a social search service powered by Microsoft’s (NASDAQ:MSFT) Bing. Yelp (NYSE:YELP) is off over 6 percent. (Graph Search is, among other things, a recommendation tool.)

Investors seem to think: This is the kind of thing we were expecting you to do. Shares are off immediately following event, but it is a step in the right direction. Zuckerberg emphasizes the service is in beta. Clearly an attempt to take on Google (NASDAQ:GOOG), which is explicitly not a partner in the project.

Here’s what happened at the event.

(2:15 p.m.) Event is wrapped.

(2:10 p.m.) The scope of Facebook’s search looks predicated on users’ willingness to share. For good results, people will need to be very connected and very engaged.

(2:05 p.m.) Zuckerberg says discussions with Google fell apart because Google would not take down content after a user had posted it, but Microsoft would. Zuckerberg and the Facebook team are obviously trying very hard to maintain a positive image on privacy.

(2:04 p.m) No plans for voice search yet.

(1:58 p.m.) No timeline for mobile roll out yet.

(1:55 p.m.) Zuckerberg is asked about monetization, and responds saying that for now, the focus is on user experience. (Down the road, advertisement seems like the obvious direction.)

(1:50 p.m.) Zuckerberg says Graph Search will take years and years to develop and perfect. English only for now. Roll out will be limited and slow, in line with other service launches.

Facebook stock dips into the red.

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