WeWork Inc - Ordinary Shares - Class A

NYSE:WE   2:34:52 PM EDT
-0.02 (-1.26%)
Debt Financing / Related, Other Pre-Announcement

Wework Q3 Revenue Rises 21%

Published: 11/10/2022 12:04 GMT
WeWork Inc - Ordinary Shares - Class A (WE) - Wework Reports Third Quarter 2022 Results.
Q3 Revenue Rose 21 Percent to $943.0 Million.
Sees FY Revenue $3.35 Billion to $3.37 Billion.
Sees Q4 Revenue $870.0 Million to $890.0 Million.
Extended Commitment For, and Maturity Date Of, $500 Million Senior Secured Notes to March 2025.
Consolidated Physical Occupancy in Q3 Was 71%.
Net Loss for Q3 Was $629 Million.company Expects Full Year Revenue to Be $3.35 Billion to $3.37 Billion.
Q3 Earnings per Share View $-0.45, Revenue View $865.0 Million -- Refinitiv Ibes Data (analyst estimates).
Subsequent to Quarter End, Company Initiated Plans to Exit Approximately 40 Underperforming Locations.
Q4 Revenue View $923.8 Million -- Refinitiv Ibes Data (analyst estimates).
FY2022 Revenue View $3.37 Billion -- Refinitiv Ibes Data (analyst estimates).
Wework Ended Q3 of 2022 With Cash, Commitments, and Access to Liquidity of Approximately $1.5 Billion.
Wework - Plans to Exit About 40 Underperforming Locations, Comprised of About 41,000 Workstations, in U.S. That Are Mostly Expected to Occur in Nov.
Closures Are Expected to Reduce Top-line Revenue.
Q4 and Full Year Guidance Was Impacted Primarily by Slower Than Expected Growth in Its Operations in Usc and Japan Regions.