Social networking site Facebook is set to launch their newly redesigned newsfeed next week. In the process, the more than one billion user-rich Internet platform will again change some of the core features of the service. The re-design will be unveiled at a media event on March 7 at the California headquarters. Facebook’s share price rose nearly 2 percent after announcing an invitation to the event on Friday.

Next week’s event will be Facebook’s second major product event so far this year. Earlier in January, the company announced the launch of the social information search service “Facebook Graph Search”. However, graph search is still not fully utilized.

Mark Zuckerberg, the company’s CEO, described the Facebook newsfeed as one of the three pillars of the website. It is always updated with comments, photos, videos and other shared content from people on the network.

The last major change to the Facebook newsfeed was made in September 2011. That’s when it started showing live ads. Since then, as the number of mobile users has increased, the company has shifted its focus from the web version to the mobile version. However, even after that, the Facebook timeline, messaging feature and many other enhancements were brought to the PC interface of the site.

Most of the features of the computer version are still not available on the Facebook mobile site. In addition, although different applications are provided for different smartphone / tablet operating systems, Facebook does not give equal benefits to all apps.