According to an internal document distributed to workers this week, Meta is planning for a leaner second half of 2022 and warned of “severe times.” Chris Cox, the company’s chief product officer, writes a message outlining the company’s aims and upcoming commercial problems.

In the message acquired by The Verge and reproduced in full below, Cox stated, “I have to underline that we are in serious circumstances here and the headwinds are tremendous.” “In a slower-growth environment, when teams shouldn’t anticipate significant inflows of new engineers and funding, we need to perform perfectly.”

According to Cox in the memo, which was originally published by Reuters, macroeconomic constraints and privacy restrictions that harm Meta’s ad business provide the largest revenue challenges. Reels, the company’s short-form video TikTok replica, is being monetized “as rapidly as feasible,” according to Cox.

Additionally, Cox identifies six areas where he thinks Facebook needs to increase its efforts. These include the development of metaverse goods, AI, messaging, the continued promotion of Reels, monetization, and compliance with new privacy laws. Without the assistance of more people or funding, Cox asserts that teams will need to “prioritize more brutally.”

Meta had previously informed the staff that there would be a slowdown. The business stopped hiring in May for a number of departments, including those responsible for developing products for online shopping and video conferencing. Investors’ concerns over the company’s stalling development and costly expenditures in the metaverse that may take years to pay off have caused a collapse in the stock price during the previous five months. For this story, Meta didn’t have any comments.