WeWork sees first-quarter revenue rebound from second-quarter


Oct 13 - Office sharing startup WeWork said on Friday that its first quarter revenue rebounded from the second quarter as the emergence of Delta coronavirus variant resulted in a slower recovery than - expected for the second half of the year.

The company said it would trim its expectations about the recovery timing for average revenue per member, especially in 2021 and 2022 in the United States and Canada, due to Delta threat.

The rapid-spreading Delta variant and the subsequent tightening of curbs in some areas have compounded concerns for office space providers, as businesses opt for longer leases and many employees continue to work remotely.

The move to hybrid-work strategies would help boost sales, the company said, adding that it still expects preliminary July revenue to come in at about $215 million.

WeWork's net loss was $888.85 million during the quarter ended June 30, compared with $863.83 million a year earlier.

Revenue was dipped nearly 1% to $593.48 million in the second quarter from the prior quarter.