WeWork in September records highest monthly revenue

Company is in the final stages of a plan to go public via a $9bn merger with BowX Acquisition

SAN FRANCISCO, CALIFORNIA - OCTOBER 07: A sign is posted on the exterior of a WeWork office on October 07, 2019 in San Francisco, California. Days after withdrawing its registration for an initial public offering, WeWork also warned employees that the company could be set to lay off nearly 2,000 people, about 16 percent of its workforce.   Justin Sullivan/Getty Images/AFP
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WeWork said its September revenue reached $228 million, its highest monthly sales this year, as the company prepares to list on the New York Stock Exchange.

At an online investor presentation on Thursday, WeWork chief executive Sandeep Mathrani painted a bright future for the flexible office space company, despite the delays in returns to the workplace caused by the coronavirus pandemic.

“We are the right company at the right time,” he said. “Flexibility is at the core of what the future of the office is.”

Preliminary third-quarter revenue totalled $658m, up from $593m in the prior quarter, the company said. That was on the low end of the range it provided in August.

Occupancy rates continued to climb, hitting 60 per cent at the end of September, up from 52 per cent in the quarter previous. Two years ago, its occupancy rates hovered above 70 per cent.

Consolidated gross desk sales totalled 154,000 in the third quarter, or 854,000 square metres sold. That was little changed from about 153,000 in the second quarter. Consolidated new desk sales totalled 84,000 in the third quarter, down from 98,000 in the second quarter.

WeWork is in the final stages of a plan to go public via a $9 billion merger with a special purpose acquisition company, BowX Acquisition.

Updated: October 09, 2021, 3:30 AM