According to an internal memo distributed to employees this week, Meta warns of "serious times" while preparing for a slimmer second half of 2022.

This note is from Chris Cox, chief product officer, outlining the company's priorities and the challenges facing its business moving forward.

Cox stated, "I must emphasize that we are currently in serious times here, and the headwinds a fierce," in a memo by The Verge.

The full memo is available below. "We must execute flawlessly in a slower growth environment, where teams shouldn't expect large influxes of budgets and engineers.

Privacy changes affecting Meta's ad business as well as macroeconomic pressures are the biggest revenue challenges, Cox states in the memo.

 Reuters first reported this memo. Cox states that monetizing Reels (the company's short-form TikTok copy) is a priority.

Cox also identified six areas in which Facebook should invest more. These areas include AI, messaging, metaverse products, and continuing to push Reels.

Monetization is also a key area. Cox states that teams must prioritize more rigorously without new staff or budgets.

Meta had warned employees about a slowdown. The company stopped hiring various employees, including those involved in shopping and video chat products.

Over the past five months, the stock price has plummeted as investors fear slowing growth and costly investments in the metaverse that could take years to pay off. Meta did not have any comments for this story.