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According to an internal memo on "serious times" from Meta Chief Product Manager, Chris Cox, the firm is slowing down hiring and taking action to right the ship amid stormy seas and moving towards having ‘leaner teams’.
The dominant social networking company, Meta is frantically battling impending economic headwinds. According to an internal memo from the company's product manager, Meta is slowing down hiring and taking action to right the ship amid stormy seas.
💵 @Meta has warned its employees of “serious times” and is anticipating a leaner half of the year, according to a leaked internal memohttps://t.co/ULtGRXSK03#meta #reelsvideo pic.twitter.com/s8SYC4gdJO
— Charged Retail (@ChargedRetail) July 1, 2022
The biggest social networking firm in the world, Meta, has warned staff of "serious times" ahead in response to its dismal growth projection from the previous quarter. Layoffs may also be in the works at Meta, whose revenue growth has slowed since privacy modifications in Apple's iOS, according to an internal document from the chief product officer seen by Reuters.
Chris Cox, the Chief Product Officer at Meta, simply advised "leaner" teams rather than outright declaring layoffs, which shocked the Meta staff.
— Reuters (@Reuters) July 1, 2022
Meta CPO Chris Cox wrote in the memo:
“I have to underscore that we are in serious times here and the headwinds are fierce. We need to execute flawlessly in an environment of slower growth, where teams should not expect vast influxes of new engineers and budgets,” Cox wrote in the memo.
“We must prioritize more ruthlessly, be thoughtful about measuring and understanding what drives impact, invest in developer efficiency and velocity inside the company, and operate leaner, meaner, better exciting teams.”
In addition to the slowing of revenue growth brought on by the privacy-focused App Tracking Transparency (ATT), Cox emphasised the detrimental effects of the deteriorating macroeconomic environment that is on the verge of a recession.
Google is also working on delivering Privacy Sandbox for Android, which may further harm Facebook's cash cow—its ad business—and compound the company's problems.
Similar to ATT, Privacy Sandbox for Android has the ability to limit Facebook's ad-targeting options. Because of this, Meta wants to monetize Reels as soon as possible. Reels, where users' time spent more than quadrupled year over year, was hailed by Cox as "a bright point in our last-half results." Cox said that the business will continue to monetize its business messaging and shops ads.
One of the six investment priorities listed by Cox in the memo is monetization. The other priorities are Metaverse (experience development and user retention), Discovery Engine, Community Messaging (driven by WhatsApp and Messenger), AI for platform recommendations, research, augmented reality, and renewed privacy commitments under national and international laws.