As a listed firm, WeWork reveals extra losses in its first quarterly report
The New York Stock Exchange welcomes WeWork, Inc. (NYSE: WE) to celebrate its listing today, Thursday, October 21, 2021. To mark the occasion, Sandeep Mathrani, CEO, and Marcelo Claure, Chairman, along with NYSE President Stacey Cunningham will ring The Opening Bell®.
WeWork stock closed more than 3% on Monday after the company announced third quarter results, 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 posted a loss of $ 4.54 per share. That’s an improvement over a loss of $ 5.51 per share for the year-ago quarter. No analysts examined WeWork for the third quarter, so there are no estimates to compare the results with.
WeWork went public in October through a SPAC merger, almost two years after the botched IPO.
When it debuted, WeWork was valued at around $ 9 billion, a sharp drop from 2019 when it was privately valued at $ 47 billion by SoftBank Group. That slowly receded as news of the company’s finances surfaced and investors raised concerns about its business model and its founder and then CEO Adam Neumann.
By the end of September, WeWork announced that physical memberships had grown to 432,000, with a utilization of 56%. As companies continue to rely on flexibility, the number of all-access memberships rose to 32,000 or 60% compared to the previous quarter by the end of September.