Finance

In this article

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 shares were up more than 1% 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.

Articles You May Like

AUDUSD is up and down non-trending over the last few days, but control is with the sellers
Switzerland December trade balance CHF 3.49 billion vs CHF 5.42 billion prior
American Express CFO says spending picked up at year-end, thanks to millennials and Gen Z
Dollar Slumps as Risk-On Mood Prevails Under Trump’s First Week
Twilio stock surges after company issues optimistic 2027 profit forecast