Home > WeWork posts a loss of $4.45 per share in Q3

WeWork posts a loss of $4.45 per share in Q3

The shares of WeWork are up by more than 4% today despite the company recording losses in its first quarterly earnings report as a public company.

WeWork released its first quarterly earnings report as a public company earlier today. The office-sharing company said it generated $661 million in the third quarter of the year, up 11% from the previous quarter.

However, despite its revenue rising, the company saw a loss of $4.54 per share. This is an improvement from the loss of $5.51 per share recorded in the third quarter of 2020. WeWork became a publicly-listed company last month via a SPAC merger, roughly two years after the company botched its initial public offering.

Since the company went public last month, no analyst covered WeWork for the third quarter. As a result, there are no estimates to compare the results against. WeWork is one of the world’s leading office-sharing companies in the world.

Despite the company’s third-quarter earnings report, WeWork’s stock price has been rallying over the past few hours. WE is up by more than 4% since the US market opened an hour ago, and it is trading at $9.40 per share.

Prior to going public, WeWork was privately valued at $47 billion by SoftBank Group. However, the valuation dropped to $9 billion when the company went public last month. The valuation dropped as investors became worried over the company’s business model, its founder and the then CEO Adam Neumann.

WeWork is getting innovative and has become involved in the cryptocurrency space in recent years. Earlier this year, British fintech firm Revolut became the first company to pay for a WeWork office space using Bitcoin. WeWork said it is a company that has embraced cryptocurrencies and, as such, is accepting them as means of payment for its services.

The company said it is now accepting payment in Bitcoin (BTC), Ether (ETH) and a few stablecoins such as USDC and the Pax Standard.

 

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