Blaber isn't the only analyst questioning how wise it would be for Facebook to get into the hardware business.

"I don't see a huge demand for a specific Facebook phone, for the single reason that Facebook is already available on every smartphone," said Francisco Jeronimo, research manager at IDC.

Looking at the cost and resources needed to develop smartphones, it is difficult to see how the sums add up to favor Facebook, particularly when the current state of the smartphone market is factored in, according to Blaber.

"It is a hugely intensive undertaking to develop phones, because life cycles are extremely short particularly in the Android world; there is an awful lot of margin pressure; and you have to ensure that you are competitive every release. It is absolutely relentless," said Blaber.

By putting out its own phone, Facebook also risks alienating other phone makers, according to Roberta Cozza, principal analyst at Gartner.