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Facebook is facing a financial crisis and they should become more methodical to fight them—Meta Executive

Facebook has long since been one of the most used and loved apps. Founded in 2004 by Mark Zuckerberg and his Harvard fellows Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, and Chris Hughes, the app was originally only available for Harvard students. Gradually it became available for students in other universities and eventually the whole world.

Challenges are faced by everyone and the same is the case with Meta owned Facebook as its parent company has warned the employees to expect a tough latter half of the year as they go deeper into financial crisis. Most of the challenges that the company is facing right now are related to the advertising business the company runs on within an economy that is worsening from an already weakened state.

According to a spokesperson for the company, Meta’s Chief product officer Chris Cox elaborated on the financial dilemma that is currently plaguing the company in an internal memo that includes key info about where the company is planning to invest. The very same memo was first reported by Reuters.

Cox repeated the statements made by Meta CEO Mark Zuckerberg while on a call with the company’s analysts as a part of the company’s first quarter earnings report. The report detailed the negative impact on the company’s earnings which was caused by a privacy update that apple made to iPhones in the last year.

The executive from Meta went on to say that the company is in deep waters with challenges that are not going to go away anytime soon but will continue to plague the company for the latter half of this year.

According to the executive, the people in employment of the company should work to the best of their abilities and help the company get through these trying times. He also said that due to the budget the teams should not expect addition in engineers and the budgets given.


Read next: Meta’s VR App Developers Accuse Mark Zuckerberg Of Hypocrisy Over Commissions

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