Meta has warned its employees of “serious times” and is anticipating a leaner half of the year, according to an internal memo obtained by The Verge.
The memo was written by chief product officer Chris Cox and reveals the tech giant’s priorities and challenges to its business moving forward.
“I have to underscore that we are in serious times here and the headwinds are fierce,” Cox wrote in the memo.
“We need to execute flawlessly in an environment of slower growth, where teams should not expect vast influxes of new engineers and budgets.”
Cox said that the biggest revenue challenge for Meta comes from privacy changes affecting its ad model and macroeconomic pressures. He added that monetizing Reels, short videos for Facebook and Instagram that rival Tik-Tok “as quickly as possible” is an key priority.
In addition, Cox outlines several areas where he thinks Facebook must increase its investments, including metaverse products, AI messaging, pushing Reels, monetisation and meeting new privacy agreements.
Cox says teams will have to “prioritize more ruthlessly” without the assistance of new staff or budgets.