Flexible workspace company WeWork has posted a $629m (£539m) loss for the third quarter, and plans to close 40 “underperforming” locations.
Revenue over the three months to 30 September stood at $817m, up by a quarter from the same period in 2021.
Occupancy across the company’s portfolio stood at 71%, with 8,000 memberships added during the quarter.
The company said plans are underway to exit 40 “underperforming locations”, comprising 41,000 workstations, in the US – most of which will occur in November.
The closures will cut revenue, the company said, but also reduce rent, tenancy and building operating expenses.
Chief executive Sandeep Mathrani said: “Our third quarter results illustrate how our disciplined and strategic approach to transforming our business and delivering holistic solutions for a new world of work are paying off.
“The long-term value of flexibility is clear and we remain focused on strengthening our business while navigating a volatile macroeconomic environment. As evidenced by our growth in revenue, reduced costs, optimized portfolio and reinforced balance sheet, we are leveraging all the tools at our disposal to continue executing against our goals.”
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