WeWork Reports First Quarter 2021 Results
05/20/2021 | 05:37pm EDT
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WeWork continues to make significant progress in transformation of its business and strategic optimization efforts
Desk sales and occupancy trends improved sequentially during Q1 and WeWork has experienced continued strong momentum in Q2
Global desk sales increased sequentially throughout Q1, from 24k in January, to 25 in February and 38k in March, for a total of 87k desk sales in the quarter, or approximately 4 million square feet signed
Enterprise sales driving strong demand for WeWork’s suite of flexible product offerings; Enterprise represented 60% of total contract value signed in Q1
BBC News
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The announcement comes as WeWork prepares for its stock market debut.
The company s first attempt to go public collapsed in 2019 over concerns about its business model and co-founder Adam Neumann s leadership style.
Since Mr Neumann s exit the company has gone through a major shakeup that has seen major job cuts and businesses sold off.
The business felt the impact of the pandemic particularly hard as social distancing rules drove a surge in people working from home and concerns about infections saw workers avoiding shared office spaces.
WeWork, which is backed by Japanese tech giant SoftBank, said its first-quarter revenue almost halved from a year ago to $598m.
Co-working giant WeWork Inc. lost US$ 2.1 billion in the first quarter of 2021. In a rough calculation, WeWork lost 1 in 4 customers during that quarterly period. The first-quarter losses include Adam Neumann’s settlement earlier this year. Net loss was US $2.062 billion for the first quarter of 2021. Free cash flow was negative […]
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