WeWork Cos. saw its overall membership and its revenue shrink in the third quarter compared to the quarter before, as the pandemic continues to hammer the co-working company.
New York-based WeWork told its employees that while sales of new desks ticked up slightly for the quarter, its quarterly revenue was down 8 per cent and its membership totals were down 11 per cent from the prior three months, according to a staff email seen by Bloomberg.
“While COVID continues to present unique and uncertain challenges that we must actively manage, our results this quarter show signs of select key metrics stabilizing,” WeWork Chief Executive Officer Sandeep Mathrani and the company’s new chief financial officer, Benjamin Dunham, wrote in the email.
After a failed attempt at an initial public offering a year ago, WeWork has aggressively sold off some of its acquisitions, closed some business lines, eliminated thousands of jobs and cut other expenses. Mathrani told reporters last month that the company is still aiming to be profitable next year and is eyeing an IPO after it reaches that milestone.