Meta Vows ‘Leaner, Meaner’ Operation as Business Climate Chills

Meta Platforms is looking into a “leaner” second half of 2022, as data privacy issues hit its ad business and macroeconomic pressures increase, Reuters wrote Thursday (June 30), citing an internal memo.

Meta, the parent company of Facebook, will have to “prioritize more ruthlessly” as well as operate in a “leaner, meaner” way, according to Chief Product Officer Chris Cox.

Cox wrote that the company is “in serious times here and the headwinds are fierce.”

“We need to execute flawlessly in an environment of slower growth, where teams should not expect vast influxes of new engineers and budgets,” Cox wrote, according to Reuters.

This comes as tech companies in general have been facing difficult times, and many have had to cut down on their prior ambitions as the economy suffers. News that a recession could be coming has only further darkened their outlooks.

Meta has had to consider trimming costs and curb hiring this year. The report noted that Meta has lost around half its market value this year, with daily active users on Facebook experiencing a quarterly decline — the first time this has happened.

See also: Facebook Owner Meta Sued for Allegedly Accessing Medical Data

PYMNTS wrote that Meta has been staring down a federal lawsuit accusing it of improperly handling private medical data — the data is reportedly being shared with Facebook when patients access their healthcare providers’ web portals.

According to the report, the suit is seeking class-action status. It says the Facebook Pixel tracking tool redirects patient communications and other information supposed to be secure, without permission.

The plaintiff for the suit is listed as John Doe, and there’s compensatory and punitive damages being sought, the report said.

The news from Bloomberg cited nonprofit news organization The Markup, reporting that at least 33 hospitals use the Pixel tracking tool.

In addition, Meta is facing a fine of $3.2 billion in the U.K. over allegations that it exploited data and abused its market dominance.