Meta Product Director Chris Coxa warned employees of "hard times" in the second half of 2022. The text of his note was published by The Verge.
“We need to perform flawlessly in an environment of slower growth, and teams should not wait for an influx of new engineers and increased budgets,” Cox said.
The biggest revenue concern comes from privacy changes affecting Meta's advertising business and macroeconomic pressures, the memo said. Reels monetization is the company's top priority.
Cox outlined six areas in which the company will increase investment: development of the metaverse, AI, messaging, Reels, and compliance with new privacy requirements.
In May, Meta put a hiring freeze on several teams, including teams working on shopping and video chat products. The company's shares have tumbled over the past five months as investors worry about slower growth and costly investments in the metaverse that could take years to pay off.
At the end of June, Meta opened the Reels API to all developers. Users will now be able to automate some of Reels' functions and create bots or tools to get statistics.
Sources: Python.Engineering, TheVerge.com