Halfthe parent company that owns Facebook and Instagram sent an email to its employees, announcing the arrival of very difficult times The note, signed by CFO Chris Cox, also talks about expected performance in the second half of 2022, suggesting that it will again underperform.
I must emphasize that we are about to enter a very difficult phase and the wind is very strong. We will have to carry out our tasks flawlessly, despite the slow growth. Teams should not expect new engineers or an increase in budget as neither will be possible
reads out the internal note sent to all Meta employees.
As for the company’s priorities, Cox explains that it will be crucial to find a way to make money with the reels, the short videos from Instagram, “as soon as possible”. The CFO also mentions the new privacy rules, which will make advertising more difficult in some markets.
Cox then announced six strategic areas that should receive more attention: products for the metaverse, messaging, artificial intelligence, roles, monetization opportunities and compliance with new privacy regulations. “We will have to commit to these points with tenacity, without the help of new hires or a bigger budget.”
Last May, Meta announced the freeze of new employees. In the past five months, the market value of Meta – like that of many other technology companies – has fallen significantly.
Source: Lega Nerd
