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One of the Bay Area’s tech giants is closing its San Francisco office, multiple media outlets reported this week.
PayPal has a location at 425 Market St., between First and Fremont streets, and it will remain open for employees to use on a voluntary basis until early June. The San Francisco office houses staff who work for the company’s Xoom service that allows customers to send money to family and friends around the world and pay international bills.
The digital payment firm’s headquarters will continue to operate in San Jose.
PayPal would not comment specifically on the closure, but said it remains fully committed to the Bay Area and California.
“At PayPal, we are continually looking at and evolving how we can work in the most collaborative and efficient ways possible, and we routinely evaluate our global office footprint and spaces to ensure that our company and our employees are best set up for success,” PayPal said in a statement. “The pandemic, in particular, has taught us there are many ways in which we can work effectively while providing our employees with flexibility.”
PayPal, which owns Venmo, has struggled in recent months. Its stock “is one of the worst performing stocks in the S&P 500 this year” and shares have dropped more than 55% so far in 2022, CNN reported. The stock plunged as the pandemic eased and more people started shopping in stores.
ABC7 reported that PayPal previously had two offices in San Francisco and closed the other earlier in the pandemic.
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