Technology

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

The New York Stock Exchange welcomes WeWork, Inc. (NYSE: WE), today, Thursday, October 21, 2021, in celebration of its listing. To honor the occasion, Sandeep Mathrani, CEO, and Marcelo Claure, Chairman, joined by NYSE President Stacey Cunningham, ring The Opening Bell®.
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.

Watch NBC 5 free wherever you are

Watch button  WATCH HERE

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.

Get top local stories delivered to you every morning with NBC DFW's News Headlines newsletter.

Newsletter button  SIGN UP

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.

Copyright CNBC
Contact Us