Meta, Facebook's parent company, warned employees about a difficult second half of the year as the company continued to grapple with challenges related to its core online advertising business amid a slowing economy.

Meta's chief product officer, Chris Cox, detailed the company's financial dilemma in an internal memo outlining key areas the social media giant will invest in, a spokesperson confirmed to news. Reuters previously reported the memorandum.

Cox echoed a statement made by Mark Zuckerberg, CEO, and co-founder of Meta, during a call with analysts as part of the company's first-quarter earnings report, which details the negative impact on the company's business that Apple's privacy updates for iPhones last year caused.

Meta's CEO added that the company is in "tough times and strong headwinds," stressing that the challenges are unlikely to went away anytime soon.

"We needed to work seamlessly in a slower growth environment where teams didn't have to expect a massive influx of engineers and new budgets," Cox wrote. "We must relentlessly prioritize, carefully measure and understand what drives impact, invest in the efficiency and speed of enterprise developers, and run tighter, tougher, and more engaging teams."

To offset the impact of Apple's update, which limits Facebook's ability to target ads to specific audiences, Cox said the company is pushing to monetize Reels Instagram, its TikTok competitor, and is also investing in AI to make recommendations to promote content as TikTok did, the company previously said.

Meta also plans to invest in features that will make it easier for retailers to show ads to customers across its suite of apps and make it easier for employees to communicate with businesses via messages.

One meta-speaker downplayed the importance of the internal memo to CNBC, saying, "This is simply an internal strategic memo designed to build on what we already have publicly on the challenges we face and the opportunities we have." , invest more of our addressing energy."