“So that means that some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year.”

In context

“d that North America is now our fastest growing region. Across the family, some apps maybe saturated in some countries or some demographics, but overall, our apps continue to grow from a large base. We are also seeing engagement grow, especially strong growth in Reels. And I’ll share more details about that when I discuss our product priorities shortly. In terms of our business, total revenue grew slightly this quarter on a constant currency basis. We are still behind where I think we should be, but we believe that we will return to healthier revenue growth trends next year. That said it’s not clear that the economy has stabilized yet. So we are planning our budget somewhat more conservatively. In 2023, we are going to focus our investments on a small number of high priority growth areas. So that means that some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year. In aggregate, we expect to end 2023 as either roughly the same size or even a slightly smaller organization than we are today. Three of the primary areas we are going to focus on are our AI discovery engine that’s powering Reels and other recommendation experiences, our ads and business messaging platforms and our future vision for the metaverse. The internal indications I have seen suggest we are doing leading work and are on the right track with these investments. So I think that we should keep investing heavily in these areas. As I have shared before, our goal is to grow Family of Apps operating income such that even with our AI infrastructure and Reality Labs investments, we can still meaningfully grow our overall company operating income in the long-term. Our current surge in CapEx i”