WeWork, in its first earnings report as a public company, shows more losses.
Summary
WeWork reported its first quarterly results as a public company on Monday, revealing that its co-working business is still racking up big losses and hemorrhaging cash. But WeWork pointed to an uptick in customer leasing activity in the quarter as evidence that it is positioned to do well in office-space markets that have been upended by the pandemic. WeWork, which became public through a merger last month with a special purpose acquisition company, or SPAC, reported a net loss of $802 million in the third quarter, an improvement on the loss of $941 million in the same period a year ago. The company reduced its loss by cutting its expenses significantly. WeWork leases huge amounts of office space and then charges its customers — large companies, small businesses and individuals — to use it.