WeWork boss Sandeep Mathrani has sought to reassure shareholders that the leaner and more “disciplined” company is not running out of steam as it posted more quarterly losses.
WeWork lost $504m in the first quarter, a marked improvement on the $803m lost over the previous quarter and far healthier than the $2bn-plus losses posted in Q1 of last year. Mathrani insisted it would post its first profit later this year.
The company sold 83,000 new desks in the first quarter, slightly down on the 87,000 in the fourth quarter of last year. Occupancy was 67%.
The pep-talk appears to have done the trick. The shares closed up 20.1% at $6.76 on Friday night in New York.
