December 6, 2023

Meta is warning of “dangerous times” and preparing for a less graceful second half of 2022, according to an internal memo circulated to employees this week. The memo comes from Chief Product Officer Chris Cox and outlines the company’s priorities and challenges for its business in the future.

Cox wrote in the note he obtained the edge It is published in full below. “We need to execute flawlessly in a slower growth environment, where teams should not expect massive influxes of engineers and new budgets.”

In the memo, Cox says the biggest revenue challenge comes from privacy changes affecting the Meta advertising business and macroeconomic pressures, which have been mentioned for the first time before Reuters. Cox says monetizing Reels, the company’s TikTok version of the short video, “as quickly as possible” is a major priority.

Cox also identified six areas he believes Facebook needs to deepen its investment. These products include the metaverse; AI; Messages. Keep pushing the reels. Monetize and meet new privacy requirements. Cox says teams will have to “prioritize more harshly” without the help of new hires or budgets.

Meta had already informed the staff that a slowdown was about to occur. In May, the company froze hiring across a number of teams, including teams working on shopping products and video chats. The company’s stock has crashed over the past five months, as investors fear slowing growth and exorbitant investments in the metaverse that could take years to pay off. Meta had no comment for this story.

Read the full note below:

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