WeWork shows more losses in its first quarterly report as a public company

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  • WeWork said total revenue for the quarter was $661 million, up 11% from the previous quarter.
  • The company had a net loss of $4.54 per share
  • This marks Office Startup’s first earnings report as a public company since going public through the SPAC merger in October, nearly two years after its failed IPO.

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WeWork shares were slightly positive in premarket trading Monday after the company reported third quarter earnings, the company’s first report since going public in October.

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WeWork said total revenue for the quarter was $661 million, up 11% from the previous quarter. The company also suffered a loss of $4.54 per share. That’s an improvement from a loss of $5.51 per share in the year-ago quarter. No analysts covered WeWork for the third quarter, so there are no projections to compare results.

Nearly two years after its failed IPO in October, WeWork went public through a SPAC merger.

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When it went public, WeWork was valued at approximately $9 billion, a steep decline from 2019, when it was valued privately by SoftBank Group at $47 billion. It gradually declined as news of the company’s finances surfaced and investors raised concerns over its business model and its founder and then-CEO Adam Neumann.

By the end of September, WeWork said physical subscriptions had grown to 432,000 with a 56% occupancy rate. As companies continue to embrace flexibility, All Access subscriptions grew to 32,000 by the end of September, or 60% compared to the previous quarter.

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