Business

WeWork (WE) reports earnings for the third quarter of 2021




The New York Stock Exchange welcomes WeWork, Inc. (NYSE: WE) today, Thursday, October 21, 2021, to celebrate its IPO. To honor the occasion, Sandeep Mathrani, CEO, and Marcelo Claure, Chairman, along with NYSE President Stacey Cunningham, call The Opening BellĀ®.

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The WeWork share rose 3% in pre-market trading on Monday after the company reported third quarter results, the company̵[ads1]7;s first report since being listed on the stock exchange in October.

Total revenue for the quarter was $ 661 million, up 11% from the previous quarter, WeWork said. The company also suffered a loss of $ 4.54 per share. This is an improvement from the loss of 5.51 dollars per share in the quarter last year. No analysts covered WeWork for the third quarter, so there are no estimates to compare results with.

WeWork was listed through a SPAC merger in October, almost two years after the failed listing.

When listed, WeWork was valued at approximately $ 9 billion, a sharp drop from 2019, when it was privately valued at $ 47 billion by SoftBank Group. This fell slowly as the news of the company’s finances unraveled and investors raised concerns about the business model and founder and then CEO Adam Neumann.

At the end of September, WeWork said that physical memberships grew to 432,000 with an occupancy rate of 56%. As companies continue to embrace flexibility, Full Access membership increased to 32,000 at the end of September, or 60% compared to the previous quarter.



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