“And then for the rest of the year, I expect us to focus on improving our distributed work model, delivering AI tools to improve productivity and removing unnecessary processes across the company.”

In context

“h. Even as our financial position improves, I continue to believe that slowing hiring, flattening our management structure increasing the percent of our company that is technical, and more rigorously prioritizing projects will improve the speed and quality of our work. I also believe that a stronger financial position will enable us to weather a volatile environment, while remaining focus on our longer term priorities. So far, we've gone through two of the three waves of restructuring and layoffs that we have planned for this year, in our recruiting and our technical groups. In May, we're going to carry out our third wave across our business groups. And this has been a difficult process. But after this is done, I think we're going to have a much more stable environment for our employees. And then for the rest of the year, I expect us to focus on improving our distributed work model, delivering AI tools to improve productivity and removing unnecessary processes across the company. Now moving on to our products and business. We're seeing strong engagement growth across our apps and good progress on monetization efficiency, which combined to drive good business results. Reels continues to grow quickly on both Facebook and Instagram, Reels also continue to become more social with people resharing Reels more than 2 billion times every day, doubling over the last six months. Reels are also increasing overall app engagement, and we believe that we're gaining share in short form video too. Now a key theme that I want to discuss today is AI. I've emphasized for a number of these calls now that there were two major technological waves driving our roadmap, a huge AI wave today, and a building Metaverse wave for the future. And our AI work comes in two main areas. First, th”