SAN FRANCISCO (KRON) – Snap Inc. will be closing its office in San Francisco, according to a media report.
The lease on Snap Inc.’s 33,0000 square-foot office wasn’t set to expire for another two years, but the company, which runs the Snapchat app, is in the midst of restructuring.
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The story was first reported in Business Insider, which stated a Snap spokesperson said that only a “handful of team members” continued to use it after employees were allowed to work from home.
The cost of a share of Snap Inc. has declined precipitously. A year ago it sold for $55.14 a share. Today? $7.76. The decline is due to worse-than-expected revenues.