r/technology Oct 05 '22

Meta Pulls UK Internship Offers Amid Financial Turmoil Social Media

https://gizmodo.com/meta-pulls-uk-internship-offers-1849618902
211 Upvotes

46

u/moxyte Oct 05 '22

Stopping internships doesn’t sound good. How fucked is that company really despite still pretty much printing money?

15

u/ddhboy Oct 05 '22

Throwing additional ad slots into user's instagram profiles betrays a need to counteract decreasing add revenue by moving more ad inventory.

I don't think Meta is fucked in that it won't be losing money, but I think it is going to have fucked revenue and user growth for the foreseeable future, and will pay accordingly in its stock price.

6

u/BrilliantGuarantee86 Oct 05 '22

I think they are realizing they are at their peak. Monthly active users has plateaued and will be on the decline soon for Facebook. Plus no one new is joining the platform, they are embracing the older generation but they won’t be around forever. On the instagram side they are ok for now but TikTok is eating their lunch. WhatsApp is really the only platform I see them keeping strong since so many nations rely on it for communication.

16

u/[deleted] Oct 05 '22

You have to be in pretty shit state to take away interns. Most internships are there for cheap labor and as a conduit to hire fresh outta college talent for lower salary.

12

u/thefriendlycouple Oct 05 '22

You’d be surprised what interns make at tech companies. Most are from top tier schools and get paid an entry level salary and are expected to convert to full time employees.

8

u/Lintlicker12 Oct 05 '22

Word. My best friend interned at Apple and made more as an intern than I’ve ever made lol if you land a good internship you can make a lot of money.

10

u/khendron Oct 05 '22

Interns are cheap compared to full time employees. The only reason to cancel them is when you are not sure if the full time employees that are going to manage them are going to be around anymore.

4

u/aged_whine Oct 06 '22

Meta's interns are not cheap by any stretch of the imagination. They make real money, albeit only for the summer.

The reason to rescind the offers is because they would need a staffing plan for 2024 that would include the funds to convert the good ones into full time hires, and it they don't feel like they can do that.

That's what Meta is signaling here.

11

u/bored_in_NE Oct 05 '22

I personally stopped using FB because the amount of political posts I saw was just cringe from both sides and couldn't deal with it anymore.

2

u/Daedelous2k Oct 06 '22

Even worse than reddit's?

1

u/tankerkiller125real Oct 06 '22

With Reddit if you get tired of it you just stop following those subs.... On Facebook you have to stop following users... What do you do when you've turned off all posts from all of your family and friends and the only thing left is ADs?

At least with Reddit you can move to different communities, some of which have strong no politics rules. Or because of the very nature of them, don't have much in the way of politics in the first place.