Facebook parent Meta has reportedly warned employees that it expects a tough second half as it continues to experience challenges related to its core online advertising business amid a weak economy.
Meta chief product officer Chris Cox detailed the company's current financial difficulties in an internal memo. A Meta spokesperson confirmed to foreign media that the memo details key areas in which the company plans to invest.
Cox reiterated a statement Meta CEO and co-founder Mark Zuckerberg made during a call with analysts following Q1's earnings, detailing the negative impact that Apple's privacy update to the iPhone last year had on Meta's business.
The executive added that the company was in "a period of serious crisis and was facing great difficulties" and stressed that the challenges it faced were not likely to go away any time soon.
Cox said in the memo, the company needs to perform perfectly in slowing growth environment strategy, teams should not expect to have a lot of new engineers and budget devotion, must pay more attention to priority, thoughtful to measure which can affect work, within the company to invest in the developer's efficiency and speed, and operating more compact and efficient team.
Meta also plans to invest in features that will make it easier for retailers to show ads to customers on their apps and to enhance information communication between employees and businesses.
A Meta spokesperson played down the significance of the internal memo to foreign media, saying: "This is just an internal strategy memo that reiterates the challenges and opportunities outlined in the earnings report. On that basis, we will focus more on solving these problems."