April 7, 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

Marina del Rey Beachfront Building Blends Residential, Commercial Space for $12M

April 6, 2025

April 6, 2025

The listing highlights a 270-degree view spanning the Pacific Ocean, Venice Pier, and the Los Angeles skyline A four-story mixed-use...

Caltrans Explores Bus Lane Expansion on Lincoln Boulevard; Public Meeting Set for April

April 6, 2025

April 6, 2025

The corridor serves key destinations including Santa Monica, Marina del Rey, and Los Angeles International Airport Caltrans is conducting a...

(Video) Adorn Your Home With Plants and Pottery from Urban Jungle

April 4, 2025

April 4, 2025

Go To Urbanjungleplantsandpottery.com For More Info Go To https://t.co/wwFel8ysgG For More Info pic.twitter.com/6zwObF87bB — Yo! Venice! (@YoVenice) April 4, 2025

Former MTV Star Says Parents Forced to Sell Palisades Home Due to High Reconstruction Cost

April 4, 2025

April 4, 2025

The home had been a “cherished” family residence for 37 years  Former reality TV personality Spencer Pratt said his parents...

Three Teens Arrested in Santa Monica Armed Robbery

April 4, 2025

April 4, 2025

The group threatened to shoot if the victim didn’t hand over his phone Three teenagers were arrested after allegedly robbing...

Join UCLA’s Innovative Memory Research Study!

April 3, 2025

April 3, 2025

Are you ready to contribute to groundbreaking research and help shape the future of memory treatments? Do you sometimes find...

Coming Soon: Easter Extravaganza at Regent Santa Monica Beach

April 3, 2025

April 3, 2025

Book your Delectable Brunch, Easter Festivities This Easter, step into a world of celebration and refined delight at Regent Santa Monica Beach....

Suspect Still Outstanding in Westminster Dog Park Shooting

April 3, 2025

April 3, 2025

The Victim Has Been Described as a “Protector” Who “Got Shot Defending a Homegirl” Police continue to look for the...

THIS WEEKEND: Venice Fundraiser to Support Marine Mammal Care

April 3, 2025

April 3, 2025

The nonprofit rescues and rehabilitates sick and injured marine mammals along the Los Angeles coastline A fundraiser benefiting the Marine...

Mikomi Sushi Opens New Santa Monica Location

April 3, 2025

April 3, 2025

The new location continues Mikomi Sushi’s commitment to serving sushi, sashimi, and specialty rolls Mikomi Sushi, a well-regarded sushi restaurant...

(Video) Palisades Art Gallery Owner on Relocating to Santa Monica

April 2, 2025

April 2, 2025

Bruce Lurie Owned What Was The Only Fine Arts Space in Palisades. The Gallery Has Found a New Life in...

Venice Shorts: Local Resident Joins Trump Administration at HUD

April 2, 2025

April 2, 2025

Conservative Community Activist Soledad Ursua Lands Senior Advisory Role at the Department of Housing & Urban Development By Nick Antonicello ...

Levain Bakery to Open Venice Location with Special Guests and Charitable Twist

April 2, 2025

April 2, 2025

Bigger Than a Cookie: Levain’s Venice Opening Is a Flavorful Fundraiser Levain Bakery, the cult-favorite cookie destination founded in New...

Historic Beethoven Market Reopens as Community-Centric Restaurant

April 2, 2025

April 2, 2025

Originally established in 1949, Beethoven Market was a grocery store serving the community for 75 years Beethoven Market, a longtime...

Venice Shorts: VNC Seeks Community Input in Wake of Disastrous Election Turnout

April 2, 2025

April 2, 2025

Survey Seeks Insight on Why So Few Participated in the Recent Election By Nick Antonicello  In wake of the historically...