WeWork revenue grows in first earnings report since IPO

WeWork’s revenue rose by 11% between the second and third quarters of 2021, it has said in its first earnings report since becoming a publicly traded company. The flexible office giant said total revenue for Q3 was $661m (£492m), while it saw a loss per share of $4.54. That marks an improvement from the loss of $5.51 per share in the third quarter of 2020. Physical memberships hit 432,000, with a 56% occupancy rate, while memberships of its All Access product rose to 32,000 by the end of September – an increase of around 60% on the previous quarter. The company reported a net loss of $844.3m for the quarter, compared with a loss of $999.5m a year earlier. WeWork went public via a merger with a special purpose acquisition company last month, hoping to cash in on a rebound in demand for flexible offices following the pandemic-induced switch to hybrid working. To send feedback, e-mail alex.daniel@eg.co.uk or tweet @alexmdaniel or @EGPropertyNews Photo © Erik Pendzich/Shutterstock