WeWork Q3 Loss Narrows; Sees Sequentially Higher Q4 Revenues, Lifts FY22 View

(RTTNews) - WeWork Inc. (WE), a flexible space provider, reported Thursday that its third-quarter net loss attributable to the company was $568 million, narrower than last year's loss of $802 million.

Loss per share was $0.75, compared to prior year's loss of $5.50.

On average, five analysts polled by Thomson Reuters expected the company to report a loss per share of $0.45 for the quarter. Analysts' estimates typically exclude special items.

Revenue for the third quarter grew 24 percent to $817 million from $661 million a year ago.

Systemwide revenue was $943 million, a 21 percent increase year-over-year.

Looking ahead for the fourth quarter, the company expects revenue to be $870 million to $890 million, adjusted EBITDA to be a loss of $65 million to $85 million and adjusted EBITDA Attributable to WeWork to be a loss of $55 million to $75 million.

For fiscal 2022, WeWork now expects revenue to be $3.35 billion to $3.37 billion, djusted EBITDA to be a loss of $515 million to $535 million and Adjusted EBITDA Attributable to WeWork, to be a loss of $435 million to $455 million.

The company previously expected full year 2022 revenue to be $3.4 billion to $3.5 billion and adjusted EBITDA of negative $400 million to $475 million.

Analysts estimate revenues of $923.83 million for the fourth quarter and $3.37 billion for the year.

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