Meta is warning of “severe instances” and getting ready for a leaner second half of 2022, in accordance with an inner memo circulated to workers this week. The observe comes from chief product officer Chris Cox and descriptions the corporate’s priorities and challenges to its enterprise going ahead.

“I’ve to underscore that we’re in severe instances right here and the headwinds are fierce,” Cox wrote within the memo obtained by The Verge and revealed in full beneath. “We have to execute flawlessly in an atmosphere of slower progress, the place groups shouldn’t count on huge influxes of latest engineers and budgets.”

The most important income problem comes from privateness adjustments affecting Meta’s advert enterprise and macroeconomic pressures, Cox says within the memo, which was first reported by Reuters. Cox says monetizing Reels, the corporate’s short-form video TikTok copy, “as shortly as potential” is a key precedence.

Cox additionally lays out six areas the place he believes Fb must deepen its investments. These embody metaverse merchandise; AI; messaging; persevering with to push Reels; monetization; and assembly new privateness necessities. Cox says groups should “prioritize extra ruthlessly” with out the assistance of latest workers or budgets.

Meta had already advised workers {that a} slowdown was coming. In Might, the corporate froze hiring throughout quite a lot of groups, together with groups engaged on buying and video chatting merchandise. The corporate’s inventory has cratered over the previous 5 months, as buyers fear about slowing progress and costly investments within the metaverse which will take years to repay. Meta didn’t have a remark for this story.

Learn the complete memo beneath:

Supply hyperlink

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