Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

WeWork’s offices are back in business

by August 5, 2022
August 5, 2022
WeWork’s offices are back in business

The number of people using WeWork’s offices is back to where it was before the pandemic, but the provider of shared offices remains heavily in the red.

The American group’s occupancy rate — the percentage of its desks that are rented out — rose to 72 per cent between April and June, matching its pre-pandemic level for the first time. The rate had tumbled to as low as 46 per cent during lockdowns, as many tenants cancelled contracts and worked from home instead.

Its buildings, famed for their plush amenities, have started to fill back up. As of the end of June, the group ran 777 shared offices with 917,000 desks, while its membership numbers had climbed to 658,000. It also has 62,000 “all access” members, who can book a desk at any of its offices for shorter periods of time.

“Our second-quarter results demonstrate how the versatility of our offerings provide companies of all sizes with the ultimate adaptability,” Sandeep Mathrani, 58, WeWork’s chief executive and chairman, said. “As we head into the second half of the year, we remain confident in our proven ability to execute against our goals of growing revenue, increasing occupancy and continuing to drive towards profitability.”

Founded in 2010 by Adam Neumann and Miguel McKelvey, WeWork was once the world’s most-fêted start-up, with a peak value of $47 billion. It was forced to shelve a highly anticipated listing in New York in 2019 amid concerns over its business model and the leadership of Neumann, 43. He left the group, which was bailed out by SoftBank, its largest shareholder. WeWork was floated last autumn in a blank-cheque merger that valued it at about $9 billion — a fifth of what Neumann had been targeting originally.

Despite the improved occupancy rates, the New York-based WeWork remains unprofitable. Between April and June it generated revenue of $815 million — 37 per cent more than it turned over in the same period of 2021 and 7 per cent higher than between January and March — but that figure was shy of the $821 million analysts had expected and WeWork still suffered a net loss of $635 million for the quarter, also worse than forecast.

Read more:
WeWork’s offices are back in business

0
FacebookTwitterGoogle +Pinterest
previous post
Fraud on the rise as cost of living soars, FCA warns
next post
Covid loans make UK taxpayers shareholders in cannabis oil firm

You may also like

H&M to cut 1,500 jobs as retailers face...

December 1, 2022

Beyond Sharm: Egypt’s Hidden Red Sea Gems

February 27, 2025

UK Implements Tough Measures Against Harmful Algorithms to...

May 8, 2024

HMRC accused of misusing powers to “correct” R&D...

March 19, 2025

HS2 hit with final £6.2 million IR35 bill...

August 12, 2024

The Workflow Automation Hack THEY Don’t Want You...

March 14, 2023

Lilac Review Uncovers Barriers Faced by Disabled Entrepreneurs,...

May 20, 2024

UK considers banning bitcoin purchases on credit cards...

May 2, 2025

John Lewis to end ‘never knowingly undersold’ era...

August 12, 2022

Jaguar land rover sees profits dip by 17%...

January 29, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Rescissions: A Small but Welcome Step Toward Spending Discipline

      June 5, 2025
    • DAVID MARCUS: Why Navy ships should not be named for gay rights icons

      June 5, 2025
    • GREGG JARRETT: Biden, the ‘marionette president; and the case of the runaway autopen

      June 5, 2025
    • Trump Practically Bans Travel and Immigration from 12 Countries with Flimsy Security Justifications

      June 5, 2025
    • ‘He’s not a big factor’: Trump’s Senate allies dismiss Elon Musk’s calls to ‘kill the bill’

      June 5, 2025
    • Fears grow that Tata Steel could be excluded from Starmer-Trump trade deal

      June 5, 2025

    Categories

    • Business (8,147)
    • Investing (2,008)
    • Politics (15,523)
    • Stocks (3,127)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved