Shares of WeWork roseate arsenic the institution reported a smaller quarterly loss.
Office-sharing institution WeWork reported a smaller quarterly nonaccomplishment Monday and pointed to different gradual emergence successful occupancy levels, lifting shares.
WeWork, reporting net for the archetypal clip arsenic a nationalist company, said the 3rd 4th "saw a continuation of the beardown momentum seen successful the 2nd 4th of 2021" arsenic much radical instrumentality to bureau beingness and the worst of the pandemic recedes.
Total occupancy roseate to 56 percent successful the 3rd 4th from 50 percent successful the anterior play aft bottoming retired astatine 45 percent precocious past year.
The trends person continued into October, with occupancy hitting 59 percent, the institution said.
The institution reported a nonaccomplishment of $802 million, compared with a nonaccomplishment of $941 cardinal successful the year-ago period. Revenues fell 18 percent to $661 million.
WeWork debuted connected the Nasdaq past period pursuing a merger with special-purpose acquisition institution called BowX. The institution has caller absorption aft the exit of co-founder Adam Neumann.
Shares roseate 2.4 percent to $9.40 successful midday trading.
© 2021 AFP
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