Meta axes internships amid industry-wide cost-cutting measures – TechCentral.ie

A number of applicants who were due to work in London have been affected by the cuts, which Metta says are needed for 2023.

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Image: Getty via Future

Meta has canceled a number of planned internships due to macroeconomic headwinds, the latest in a series of broader cost-cutting measures taken by the industry’s tech giants.

“Meta interns are critical to shaping our future,” said a Meta spokesperson IT specialist. “This difficult decision was not taken lightly. This company-wide hiring change is designed to ensure our hiring goals are aligned with our highest priority efforts and business needs.”

Meta has faced internal pressure from investors to more clearly explain its investment spending, such as its Portal smart displays and Orion AR glasses. In addition, the privacy changes Apple made earlier in the year will cost Meta about $10 billion by 2023 as they make Meta’s ad technology less profitable.

Industry experts reacted to the announcement with dismay, with some arguing that in a market increasingly defined by skills shortages, companies cutting their graduate schemes were doing damage in the long term.

“It’s a sad day when a tech company as big and infamous as Meta is no longer accepting interns,” said Liam Reynolds, CEO of tech job fair Silicon Milkroundabout.

“It really brings into focus the challenge that graduates and those just starting their careers face right now. They simply do not have access to the same opportunities that their counterparts would have had just a few years ago. And companies seem to be going in the wrong direction in trying to deal with it. Short-term cost-cutting and shareholder appeasement is at the human expense of investing in the next generation of talent.”

A number of layoffs and hiring freezes have been announced at major tech companies in recent months, with companies citing economic uncertainty as the explanation.

Microsoft is already considering a hiring slowdown, and cloud communications platform Twilio also announced an 11% workforce cut.

Google has also reportedly canceled its next Pixelbook range to save costs. With the economic crisis and the sharp rise in the cost of living, customer demand and stock prices are in deep uncertain territory.

It is uncertain whether such immediate cost-cutting measures will lead to a wider change in the industry’s hiring practices. The speed with which Big Tech responds to economic changes could be replicated by a shift back to workforce growth once the economic turbulence subsides, and smaller firms could benefit from a wider pool of applicants in the meantime.

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