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Bengaluru: we work Inc said on Thursday it plans to cut around 300 roles across countries in a bid to cut costs as high inflation weighs on office workspace spending.
The New York-based company, which provides workstations, private offices and customized flooring, had enjoyed a pandemic-induced shift to flexible working outside traditional offices.
But with companies cutting their spending, WeWork is looking to reduce its real estate footprint and workforce to prepare for the recession.
The company said Thursday it expects to report fourth-quarter revenue and adjusted EBITDA above its earlier expectations.
WeWork announced an exit from 40 US locations in November and said it expected fourth-quarter revenue of between $870 million and $890 million, below Wall Street’s target of $923.8 million.
It also anticipates adjusted EBITDA to be negative $65 million to negative $85 million.
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