WeWork to cut about 300 jobs globally

WeWork to cut about 300 jobs globally
A WeWork logo is seen outside its offices in San Francisco, California, US, Sep 30, 2019. (File photo: REUTERS/Kate Munsch)

WeWork said on Thursday (Jan 19) it plans to cut about 300 roles across countries to cut costs as high inflation weighs on office workspace spending.

The New York-based company, which offers workstations, private offices and customized floors, had enjoyed a pandemic-driven shift to flexible work outside traditional offices.

But with companies cutting their spending, WeWork is looking to reduce its real estate footprint and workforce to prepare for a looming recession.

The company said on Thursday it expects to report fourth-quarter revenue and adjusted EBITDA above its earlier expectations.

WeWork in November announced its exit from 40 US locations and said it expected fourth-quarter revenue between US$870 million and US$890 million, below Wall Street’s target of US$923.8 million.

It also forecast adjusted EBITDA to be negative US$65 million to negative US$85 million.


Source: Reuters/cm