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Bengaluru: we work Inc plans to eliminate around 300 roles across the country, the flexible workspace provider said on Thursday, as part of efforts to cut down on underperforming locations.
Shares of the company fell 3.5% to $1.53 in morning trading in a broadly weak market.
WeWork had enjoyed a pandemic-driven shift to flexible work outside traditional offices, but an uncertain economic climate is forcing companies to reduce their real estate footprints.
The New York-based company announced an exit from 40 US locations in November.
WeWork’s long-term lease obligations stood at $15.57 billion at the end of September, while some of its tenants are only on short-term leases.
The company said Thursday it expected fourth-quarter revenue and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) to top forecasts.
It forecast fourth-quarter revenue between $870 million and $890 million and adjusted EBITDA of negative $65 million to negative $85 million.
WeWork went public in 2021 after two years of struggle and has a market capitalization of about $1.16 billion. Its pre-IPO valuation was once pegged at around $50 billion.
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