WeWork Looks To Close 40 US Locations To Cut Costs

WeWork Inc WE prepared to close about 40 underperforming locations in the U.S., the Wall Street Journal reported.
Most of the closures are likely this month as the office-sharing company cuts costs and seeks to turn a profit.
WeWork reported a wider-than-expected loss for the third quarter and slowing sales growth as many companies called their employees back to centralized offices after the pandemic.
Also Read: Twitter Gets First Hand Feel Of Elon Musk's Tesla Culture; Musk Bans Remote Work After Downsizing
WeWork said revenue rose 24% from a year earlier to $817 million, missing Wall Street estimates. That marks a deceleration of sales growth from the prior quarter when WeWork posted a 37% year-over-year rise in revenue.
WeWork posted a loss of $568 million, or 75 cents a share, for the three months, narrower than the loss of $802 million, or $5.50 a share, in the same period a year ago.
Price Action: WE shares traded lower by 3.08% at $2.52 in the premarket on the last check Friday.
Photo via Wikimedia Commons