June 23, 2025 #1 Local News, Forum, Information and Event Source for Venice Beach, California.

30 Percent of Snap Layoffs Were Santa Monica Employees

Recent layoffs come as Santa Monica-based company sees stock price drop 80 percent

By Sam Catanzaro

Snap Inc– the parent company of Snapchat–recently laid off 20 percent of its workforce, a total of 1,300 jobs. Nearly a third of these terminated employees worked out of the company’s Santa Monica headquarters. 

Snap CEO Even Spiegel announced these layoffs last week in a company-wide memo

“Our forward-looking revenue visibility remains limited, and our current year-over-year QTD revenue growth of 8% is well below what we were expecting earlier this year. While we will continue our work to reaccelerate revenue growth, we must ensure Snap’s long term success in any environment,” reads the memo. “As a result, we have made the difficult decision to reduce the size of our team by approximately 20%. The scale of these changes vary from team to team, depending upon the level of prioritization and investment needed to execute against our strategic priorities. The extent of this reduction should substantially reduce the risk of ever having to do this again, while balancing our desire to invest in our long term future and reaccelerate our revenue growth. Overall, the size of our team will remain larger than it was at this time last year.”

As reported by Bisnow, 401 of the laid-off employees worked out of Snap’s 440,00 square-foot Santa Monica headquarters at 3000 31st Street, part of the Santa Monica Business Park. These include 374 Snap employees and 27 employees of a Snap subsidiary, PSA Risk Management Services. The layoffs went into effect on September 1. 

“The layoff does not affect everyone at that site, but we expect the layoffs to be permanent,” Snap Vice President of Talent Scott Withycombe wrote in a letter to California’s Employment Development Department obtained by Bisnow. 

Snap had hired aggressively during the pandemic. In March of 2020, it had around 3,400 full-time employees. At the end of last quarter, this number had increased to 6,446. Despite this, the company’s stock price has lost nearly 80 percent of its value since the beginning of 2022. 

Snap previously was based in Venice before moving its headquarters to Santa Monica. According to The Real Deal, sources say that none of Snap’s real estate investments have been subleased. This includes an additional 163,000 square feet of office space located in Santa Monica, the remainder of their Venice office space, or their primary 440,000 square feet Santa Monica Business Park headquarters. 

Snap declined to comment for this article. The City of Santa Monica, which manages some of Snap’s office space in the city, could not immediately be reached for comment.

in News
Related Posts

Real Estate Trends Emerge in Palisades as Rebuild Begins

June 23, 2025

June 23, 2025

With an estimated 2,000 properties affected by the fires, these initial sales represent only a fraction of what’s expected In...

Santa Monica to Begin AI-Powered Bus Lane Enforcement in July

June 23, 2025

June 23, 2025

The program follows a 45-day pilot conducted earlier this year along Lincoln Boulevard, where 511 potential violations were identified, though...

(Video Recap) Venice Summer Fest Transforms Four Blocks into a Hub of Vendors and Entertainment

June 23, 2025

June 23, 2025

The Event is One of Three in the Venice Fest Series Coming to Mar Vista This Year The Event is...

Sculptor-Designed Marina Del Rey Beach Home Hits Market for Nearly $10M

June 22, 2025

June 22, 2025

The four-bedroom, six-bathroom residence, known as Shore House, features black glass windows across two wings A 6,603-square-foot beachfront home, designed...

Strongman to Pull 34,680-Pound Bus at Santa Monica Pier

June 21, 2025

June 21, 2025

Licis, also the 2022 “Arnold Strongman Classic” champion, will undertake the feat to showcase his strength  Strongman Martins Licis, the...

Malibu Traffic Delays Expected: REPORT

June 21, 2025

June 21, 2025

The warning applies to the first weekend of summer Transportation officials are warning travelers on the Pacific Coast Highway through...

Exploring Los Angeles’ Architectural Evolution: A New Documentary Series and Trail

June 21, 2025

June 21, 2025

Rebel Architects: From Venice to the World Stage* delves into the evolution of Los Angeles architecture In a celebration of...

Governor Declares Emergency for Malibu to Aid Franklin Fire Recovery

June 21, 2025

June 21, 2025

The fire’s impact was compounded by the January 2025 Los Angeles County Fires and Windstorm Event California Gov. Gavin Newsom...

SMC Gallery to Showcase Faculty Art in Virtual Exhibition

June 21, 2025

June 21, 2025

The online event will feature works by seven Emeritus faculty artists. The Santa Monica College Emeritus Art Gallery will host...

Last Thursday Concert to Feature Dancing Lessons, Ginger Merkin and More This Week

June 20, 2025

June 20, 2025

 The series runs on the last Thursday of each month through September 26 The Last Thursday Venice Summer Concert Series...

THIS WEEKEND: Five Outdoor Concerts for Make Music Day Comes to Santa Monica

June 20, 2025

June 20, 2025

The global event, inspired by France’s Fête de la Musique, unites communities through music and is observed in over 800...

(Video) Where great minds grow at The Willows Community School

June 19, 2025

June 19, 2025

The Willows, a DK-8 co-educational school, enrolls 474 students from 57+ zip codes annually. As a balanced, progressive educational leader, experiential learning,...

Juneteenth Community Day Returns to Oakwood Park This Weekend

June 19, 2025

June 19, 2025

The free event will feature live music, fun games for kids, and a variety of food The Venice community is...

Comedy Night in Venice to Benefit Fire Station 63

June 19, 2025

June 19, 2025

Hosted by comedian Ahmed, the event will feature performers Steven Briggs, Sean Fawaz, Susie Sitcom, Bobby Ulrich, Nate Craig, and...

Real Estate Agent Charged with Price Gouging After Palisades Fire

June 19, 2025

June 19, 2025

The charges stem from violations of California’s price gouging law, which caps price increases at 10% during a declared state...