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

Mastering the Art of Business Growth: Essential Strategies...

January 22, 2024

The Business of Love: How Online Dating Platforms...

January 29, 2025

Interest rate cuts could spark renewed interest in...

August 31, 2024

What to Do If You Were Injured as...

March 29, 2025

NatWest to close a further 43 UK bank...

October 13, 2022

Unlocking Robust Security with Big Data Analytics

April 7, 2025

Alibaba commits $50bn to AI and cloud amid...

February 27, 2025

Top 5 Must-Have Safety Gadgets for Modern Drivers

February 24, 2025

Action must be taken now on regulation of...

November 10, 2023

5 Ways To Keep From Losing Your Computer...

August 8, 2022

    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

    • Call with China’s Xi, and Trump-Musk exchange fueled barbs during 20th week in office

      June 7, 2025
    • Trump’s conservative allies warn Congress faces critical ‘test’ with $9.4B spending cut proposal

      June 7, 2025
    • Tech ETFs are Leading Since April, but Another Group is Leading YTD

      June 7, 2025
    • TIMELINE: Inside the evolving relationship between Trump and Musk from first term to this week’s fallout

      June 7, 2025
    • Deadly drone wars are already here and the US is horribly unprepared

      June 7, 2025
    • Week Ahead: NIFTY’s Behavior Against This Level Crucial As The Index Looks At Potential Resumption Of An Upmove

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,564)
    • Stocks (3,136)
    • 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