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WeWork Shows More Losses in Its First Quarterly Report as a Public Company

NYSE
  • WeWork said total revenue for the quarter was $661 million, up 11% from the previous quarter.
  • The company saw a net loss of $4.54 per share
  • It marks the office start-up's first earnings report since going public through a SPAC merger in October, almost two years after its botched IPO.

WeWork shares closed up more than 3% on Monday after the company announced third-quarter earnings, the company's first report since going public in October.

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

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

When it went debuted, WeWork was valued at roughly $9 billion, a steep drop from 2019, when it was privately valued at $47 billion by SoftBank Group. That slowly fell as news of the company's finances unraveled and investors raised concerns over its business model and its founder and then-CEO Adam Neumann.

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

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