PayPal to shut down San Francisco office starting June 3, sources say

SAN FRANCISCO (KGO) -- ABC7 News has learned tech giant PayPal will close its San Francisco office located on Market St. starting June 3.

It's unclear if financial impacts are contributing to the closure. The company's stock hit a 52-week low this week ahead of its quarterly earnings report scheduled on Wednesday.

The digital payment platform previously had two offices in San Francisco, but the other location shut down earlier in the pandemic.

PayPal's San Jose headquarters will remain open.

ABC7 News reached out PayPal for comment about this closure and the company released this statement:

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. The pandemic, in particular, has taught us there are many ways in which we can work effectively while providing our employees with flexibility. PayPal remains fully committed to the Bay Area and to California and we will continue to hire into and invest in our business and people working within the state.

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