Snap Closes Office In San Francisco

Snap Closes Office In San Francisco

Snap Closes Office In San Francisco
Snap Closes Office In San Francisco
Retail Bum

Retail Bum

Retail Bum

Retail Bum

Social media platform Snap is closing its office in San Francisco, CA in its latest attempt to cut costs.

Unlike its tech peers, such as Apple, Snap has aggressively adopted the work-from-anywhere philosophy since the start of the pandemic, resulting in fewer employees showing up to work in its offices.

“Our San Francisco location was lightly used by team members following our move to flexible work,” the company said.

The news comes just days after Snap missed its Q3 revenue estimates. The company’s dismal earnings report resulted in a 25% decline in its stock value in extended trading.

That being said, the company saw its revenue grow by 6% from a year before — marking the first time it reported single-digit growth since it went public in 2017.

However, even with the revenue growth and a surprise adjusted profit, the company saw its net loss spike by 400% to $360 million, partially resulting from its $155 million restructuring effort.

Going forward, Snap plans to continue monitoring office usage in other cities where it operates. The company cut 20% of its workforce in August 2022.

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