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(R).
WeWork shares were slightly positive in premarket trading on Monday after the company reported 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 public, 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 dropped 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.