Meta, formerly Facebook, has warned employees to expect a difficult second half of the year as the tech giant continues to face challenges related to its core online advertising business amid a weak economy.
A spokesman confirmed to CNBC that Meta Chief Product Officer Chris Cox in an internal memo detailed the company’s financial dilemma that detailed key areas the social media giant plans to invest in.
Also read: Snapchat Plus Paid Version Is Here: How Much It Costs And What It Offers
Cox reiterated statements made by Meta CEO and co-founder Mark Zuckerberg during a call with analysts as part of the company’s first-quarter earnings report, which was due to the privacy updates Apple made to the iPhone last year. negative impact on the business of ,
The report said the Meta executive said the company is “in dire times here and the headwinds are fierce”, underlining that its challenges are unlikely to disappear anytime soon.
“We need to execute flawlessly in an environment of slow growth, where teams should not expect a huge influx of new engineers and budgets,” Cox wrote.
Also Read: Soon You Can Chat With Your Digi Avatar On WhatsApp Video Calls
“We must prioritize ruthlessness more, be mindful about measuring and understanding what impacts, invest in developer efficiency and velocity within the company, and operate leaner, meaner, better exciting teams.”
To offset the impact of Apple’s update, which limited Facebook’s ability to target ads to specific audiences, Cox said the company is working hard to make money from its TikTok competitor, Instagram Reels. , and is also investing in AI to drive content recommendations like TikTok. As stated earlier by the company.
Meta also plans to invest in features that make it easier for retailers to show ads to customers on its family of apps, and make it easier for employees to communicate with businesses through messaging.
read all breaking news , today’s fresh news watch top videos And live TV Here.