Facebook parent company Meta has prematurely ended internship offers before students could take them as part of a larger effort to cut costs.
Meta sent emails revoking the internships to people who were set to start working in the company’s London offices in January 2023, according to the New York Post. The decision was made after the company reported its first decline in revenue in the second quarter of 2022 and Meta founder Mark Zuckerberg reported a $70 billion reduction in net worth.
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Meta confirmed that it was rescinding the offers. “Meta interns are crucial in shaping our future,” a spokesperson said. “This difficult decision was not made lightly and was made as a last resort. This companywide hiring shift is to ensure that our hiring targets are aligned with our highest-priority efforts and business needs.”
The internship freeze arrived weeks after Meta began a companywide freeze on hiring. The company has been removing several positions through department organizations and encouraging staff to apply for other open positions. Meta later announced on Sept. 29 that it was cutting its headcount and slashing budgets across the company.
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The company experienced a 1% decline in revenue last quarter, according to a July earnings report. It was the first reported decline in the company’s history and mirrors struggles facing most tech companies. The company has attempted to adapt by becoming like TikTok, its primary competitor, and trying to make its products more desirable among Generation Z, who have expressed declining interest in its platforms.
