“After we moved to flexible working, team members rarely used our San Francisco location,” Snap said. Snap’s more aggressive move to the idea of working from anywhereappleUnlike some tech peers, such as the company, which still require office workers to work several days a week.
Snap makes broader layoffs as it deals with slumping sales. The Santa Monica, California-based company just reported its slowest quarterly revenue growth ever, saying a decline in ad spending continued to weigh on results. Snap has been refocusing its business, and in August announced plans to cut 20% of its workforce.
While San Francisco’s location is small, the closure marks a setback in the city’s efforts to lure workers back. Returns to work have been stuck at around 40% of pre-pandemic levels, according to security firm Kastle Systems. That makes it the lowest of the 10 major U.S. metro areas.