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Snap, the operator of Snapchat, will lay off 20% of its employees and plans to reduce its investments in real estate moving forward in response to its lower-than-expected revenue growth.
The announcement, made Wednesday morning on the company's website, did not say exactly how many employees would be affected or how its real estate would be scaled back.
The Santa Monica-based messaging app employed about 6,400 people full time as of midyear, according to company financial disclosures. Snap leased 1.4M SF worldwide as of the end of 2021, including the 140K SF expansion of its lease at Boston Properties’ Santa Monica Business Park last year, The Real Deal reports. That lease is set to expire in 2026, an unnamed source told TRD. It also added tens of thousands of square feet of office space in Chicago, Palo Alto and Seattle.
Snap did not put any of that space up for sublease during the pandemic, as many other companies across industries did.
Snap did not immediately respond to a request for comment.
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