The office-sharing company WeWork is closing dozens of locations in the U.S.
Photo:
Mike Segar/REUTERS
WeWork Inc.
WE -3.09%
said it is closing about 40 underperforming locations in the U.S., with most of the closures expected this month as the office-sharing company cuts costs and seeks to turn a profit.
WeWork declined to say where the affected buildings are.
WeWork on Thursday reported a wider-than-expected loss for the third quarter and slowing sales growth as many companies call their employees back to centralized offices after the pandemic.
Shares of WeWork fell 8% in morning trading. WeWork stock is down more than 70% this year.
For the recently ended quarter, WeWork said revenue rose 24% from a year earlier to $817 million, missing Wall Street estimates. That marks a deceleration of sales growth from the prior quarter, when WeWork posted a 37% year-over-year rise in revenue.
WeWork posted a loss of $568 million, or 75 cents a share, for the three months, narrower than the loss of $802 million, or $5.50 a share, in the same period a year ago. Analysts were expecting a narrower loss of 48 cents a share, according to FactSet.
Write to Will Feuer at Will.Feuer@wsj.com
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
The office-sharing company WeWork is closing dozens of locations in the U.S.
Photo:
Mike Segar/REUTERS
WeWork Inc.
WE -3.09%
said it is closing about 40 underperforming locations in the U.S., with most of the closures expected this month as the office-sharing company cuts costs and seeks to turn a profit.
WeWork declined to say where the affected buildings are.
WeWork on Thursday reported a wider-than-expected loss for the third quarter and slowing sales growth as many companies call their employees back to centralized offices after the pandemic.
Shares of WeWork fell 8% in morning trading. WeWork stock is down more than 70% this year.
For the recently ended quarter, WeWork said revenue rose 24% from a year earlier to $817 million, missing Wall Street estimates. That marks a deceleration of sales growth from the prior quarter, when WeWork posted a 37% year-over-year rise in revenue.
WeWork posted a loss of $568 million, or 75 cents a share, for the three months, narrower than the loss of $802 million, or $5.50 a share, in the same period a year ago. Analysts were expecting a narrower loss of 48 cents a share, according to FactSet.
Write to Will Feuer at Will.Feuer@wsj.com
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8