Facebook is facing a financial crisis and should become more methodical in combating it—Meta Executive / Digital Information World

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

Everyone faces challenges and so does Meta-owned Facebook, as its parent company has warned employees to expect a tough second half as it sinks deeper into the financial crisis. Most of the challenges the company is currently facing relate to the company’s advertising business in an economy deteriorating from an already weakened state.

According to a company spokesperson, Meta chief product officer Chris Cox explained the financial dilemma currently plaguing the company in an internal memo containing key information on where the company plans to invest. The same memo was first reported by Reuters.

Cox repeated statements made by Meta CEO Mark Zuckerberg during a call with the company’s analysts as part of the company’s first-quarter earnings report. The report details the negative impact on the company’s revenue that was caused by a privacy update that Apple made to iPhones last year.

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

According to the executive, people employed by the company should work to the best of their abilities and help the company through these tough times. He also said that due to budget, teams shouldn’t expect more engineers and given budgets.

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