WeWork reports smaller loss, shares rise

[NEW YORK] Office-sharing company WeWork reported a smaller quarterly loss Monday and pointed to another gradual rise in occupancy levels, lifting shares.

WeWork, reporting earnings for the first time as a public company, said the third quarter "saw a continuation of the strong momentum seen in the second quarter of 2021" as more people return to office life and the worst of the pandemic recedes.

Total occupancy rose to 56 per cent in the third quarter from 50 per cent in the prior period after bottoming out at 45 per cent late last year.

The trends have continued into October, with occupancy hitting 59 per cent, the company said.

The company reported a loss of US$802 million, compared with a loss of US$941 million in the year-ago period. Revenues fell 18 per cent to US$661 million.

WeWork debuted on the Nasdaq last month following a merger with special-purpose acquisition company called BowX. The company has new management after the exit of co-founder Adam Neumann.

Shares rose 2.4 per cent to US$9.40 in midday trading.

AFP