WeWork (NYSE:WE) shares were up in Monday morning trading after the company reported third-quarter earnings, the company’s first report since going public in October.
Total revenue for the quarter was $661 million, up 11% from the previous quarter, WeWork said. The company also saw a loss of $4.54 per share. That’s an improvement from the loss of $5.51 per share in the year-ago quarter. No analysts covered WeWork for the third quarter, so there are no estimates to compare the results against.
WeWork went public through a SPAC merger in October, almost two years after its botched IPO.
When it went public, WeWork was valued at roughly $9 billion, a steep drop from 2019, when it was privately valued at $47 billion by SoftBank Group. That slowly dropped as news of the company’s finances unraveled and investors raised concerns over its business model and its founder and then-CEO Adam Neumann.
By the end of September, WeWork said physical memberships grew to 432,000 with a 56% occupancy rate. As companies continue to embrace flexibility, All Access memberships increased to 32,000 by the end of September or 60% over the previous quarter.
In October, WeWork solidified a strategic business investment with Cushman & Wakefield to market its workplace management software. This announcement built on WeWork's existing management agreement with Hudson’s Bay Company to manage and operate SaksWorks locations in the Tri-State area, including Brookfield Place and the Saks Fifth Avenue New York flagship in Manhattan, Manhasset, Greenwich, and Eastchester.
WE shares picked up 40 cents, or 4.3%, to $9.58.
