Meta tells its employees o brace themselves for the slower half of the year and to not expect any influxes of new engineers or budgets. This comes after the company froze hiring across teams in May.
Facebook-parent Meta has warned its employees to expect a tough second half of the year as the company continues to weather challenges related to its core online advertising business amid a weakening economy.
Meta’s Chief Product Officer Chris Cox outlined the challenges that Meta could face going forward in an internal memo.
The memo said that the company is in a phase of slow growth and that employees should not expect huge influxes of new engineers and budgets.
Meta’s change in their privacy has affected their ad business and that has become the biggest revenue challenge. The company is focused on monetising Reels, Meta’s competition to Tik-Tok, “as quickly as possible” as Cox said in the memo.
Cox also talked about the six key areas in detail that he believes Facebook needs to invest in. These include:
Meta employees were briefed previously also on the slowdown that was approaching. In May, the company had frozen hiring across the company including teams that work on shopping and video calling products. The company’s stock has been falling over the past five months and investors are worried about slowing growth and expensive investments that could take years to pay off.