Skip to main content

Meta plans to operate 'leaner, meaner, better executing teams' as it prepares for slower growth for the rest of the year, according to an internal leaked memo

By
Meta is the parent company of Facebook.
Meta bans Russian state media from running ads or monetize on its platform.

Chesnot/Getty Images

  • Meta plans to "operate leaner" as it braces for a macroeconomic slowdown, according to a leaked memo seen by Reuters.
  • In the memo, Meta's chief product officer warned "we are in serious times here and the headwinds are fierce." 
  • This comes as tech companies brace for slowing growth, with some announcing layoffs in recent weeks.

Meta plans to trim excess costs as it readies itself for a slowdown in business for the second half of this year, according to an internal memo from Meta's chief product officer seen by Reuters.

In a note to employees, Chris Cox wrote that the company will "prioritize more ruthlessly" and "operate leaner, meaner, and better executing teams," according to Reuters.

Cox highlighted macroeconomic uncertainty as the reason for the decision, writing "we are in serious times here and the headwinds are fierce."

He also warned that "teams should not expect vast influxes of new engineers and budgets," Reuters reported.  

In a comment to Insider, a Meta spokesperson said, "This was simply an internal strategy memo intended to build on what we've already said publicly in earnings about the challenges we face and the opportunities we have, where we're putting more of our energy toward addressing."

The memo comes as experts warn of stalling advertising spending across industries as companies brace for a possible US recession. Meta's CFO warned of a potential slowdown in advertising revenue earlier this year. 

In February, the company reported its first-ever sequential quarterly decline in daily active users.

Many tech companies like Tesla and Coinbase have prepared for decelerating growth by announcing layoffs. While Meta has not announced layoffs, Insider has reported that the company has instituted a hiring freeze that will extend through the year.

 

Read the original article on Business Insider


from Business Insider https://ift.tt/UQk1VJF
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

Instagram accidentally reinstated Pornhub’s banned account

By
After years of on-and-off temporary suspensions, Instagram permanently banned Pornhub’s account in September. Then, for a short period of time this weekend, the account was reinstated. By Tuesday, it was permanently banned again. “This was done in error,” an Instagram spokesperson told TechCrunch. “As we’ve said previously, we permanently disabled this Instagram account for repeatedly violating our policies.” Instagram’s content guidelines prohibit  nudity and sexual solicitation . A Pornhub spokesperson told TechCrunch, though, that they believe the adult streaming platform’s account did not violate any guidelines. Instagram has not commented on the exact reasoning for the ban, or which policies the account violated. It’s worrying from a moderation perspective if a permanently banned Instagram account can accidentally get switched back on. Pornhub told TechCrunch that its account even received a notice from Instagram, stating that its ban had been a mistake (that message itself w
Post a Comment
Read more

Colorado police identified the serial killer who murdered 4 women 40 years ago after exhuming his body to analyze a DNA sample

By
A scientist examines computer images of DNA models. Getty Images Police in Colorado have cracked the cold cases of four women killed 40 years ago. Denver PD said genetic genealogy and DNA analysis helped them identify the serial killer. He had died by suicide in jail in 1981. DNA from his exhumed body matched evidence from the murders. Police in Colorado have cracked the code on four murder cases that went unsolved for 40 years, using DNA from the killer's exhumed body. The cases pertain to four women killed in the Denver metro area between 1978 and 1981. They were 33-year-old Madeleine Furey-Livaudais, 53-year-old Dolores Barajas, 27-year-old Gwendolyn Harris, and 17-year-old Antoinette Parks. The four women were stabbed to death. Denver Police Commander Matt Clark said in a press conference Friday that there was an "underlying sexual component" to the murders but didn't elaborate further. In 2009, a detective reviewed Parks' case and picked several p
Post a Comment
Read more

Axeleo Capital raises $51 million fund

By
Axeleo Capital has raised a $51 million fund (€45 million). Axeleo first started with an accelerator focused on enterprise startups. The firm is now all grown up with an acceleration program and a full-fledged VC fund. The accelerator is now called Axeleo Scale , while the fund is called Axeleo Capital . And it’s important to mention both parts of the business as they work hand in hand. Axeleo picks up around 10 startups per year and help them reach the Series A stage. If they’re doing well over the 12 to 18 months of the program, Axeleo funds those startups using its VC fund. Limited partners behind the company’s first fund include Bpifrance through the French Tech Accélération program, the Auvergne-Rhône-Alpes region, Vinci Energies, Crédit Agricole, BNP Paribas, Caisse d’Épargne Rhône-Alpes as well as various business angels and family offices. The firm is also partnering with Hi Inov, the holding company of the Dentressangle family. Axeleo will take care of the early stage in
Post a Comment
Read more