Office-sharing company WeWork Inc.
WE,
posted a net loss of $568 million, or 75 cents a share, for the third quarter, narrower than the loss of $802 million, or $5.50 a share, posted in the year-earlier quarter. Revenue rose to $817 million from $661 million a year ago. Both numbers missed the FactSet consensus which called for a loss per share of 47 cents and revenue of $865 million. Consolidated physical occupancy in the quarter stood at 71%, and the company added about 8,000 physical memberships and 7,000 workstations. WeWork extended the maturity date of a $500 million bond series to March 2025 from February 2024. The company had $1.5 billion in liquidity at quarter-end. WeWork is planning to exit about 40 underperforming locations accounting for about 41,000 workstations in the U.S., most of which are expected to occur in November. The company expects fourth-quarter revenue of $870 million to $890 million, below the FactSet consensus of $924 million. For the full year, it expects revenue of $3.35 billion to $3.37 billion, compared with a FactSet consensus of $3.38 billion. Shares were slightly higher premarket but are down 72% in the year to date, while the S&P 500
SPX,
has fallen 21%.
