WeWork’s June revenue is back up to February level; Company on track for profitability in 2021 after a wave of enterprise deals.

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by visvya

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While the shift to homeworking has seen a reduction in office space demand, some companies turned to WeWork to provide satellite offices closer to where their employees live and to spread out their staff beyond their main offices, said Mr Claure.

Mastercard, TikTok-owner ByteDance, Microsoft and Citigroup are among the companies that have signed new lease agreements with WeWork over the past month.

“We have companies like Facebook, Google and Amazon who have told their employees that they can work from wherever they are. We have a lot of those employees who basically now come to a WeWork facility to use it one day, a week, two days a week, three days a week,” Mr Claure added.

Company says revenue was flat during the crisis. After SoftBank bailed the company out they added Marcelo Claure as chairman, who is credited with turning around Sprint and negotiating their merger with T-Mobile. The new CEO is Sandeep Mathrani who previously took over GGP when it was coming out of bankruptcy and led it to acquisition by Brookfield.

I said this back in May and I’m really glad to see WeWork pivoting in this direction. More flexible work environments are better for workers, families, and the environment. WFH just lacks the often vital social element of going to work and it’s great to see WeWork fill the gap.

Edit: More details: In May 2020, revenue was 1.1 billion (up 45% year over year) and members were 693,000 (up 49% year over year).

 

Disclaimer: This information is only for educational purposes. Do not make any investment decisions based on the information in this article. Do you own due diligence.

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