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WeWork is a real estate startup. once deceived supporter It tricks you into believing it’s a $47 billion tech venture, downsizing it. A coworking company plans to close 40 “underperforming locations.” Earnings in the third quarter The report, published Thursday.
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rear some false startsWeWork launched its IPO, Listed in the stock market last year. never mind that it was helped by Billions Bailout by Softbanka special-purpose acquisition (Shell) merger of companies, or the final valuation of this transaction at just $9 billion, less than one-fifth of what it once was.
WeWork has yet to make a profit since it was founded as a public company in 2021. Under former CEO’s leadership, ‘Unicorn’ office space was once on the brink of collapse Aspiring cult leader Adam Neumann still hasn’t found his way to a sustainable business model without him. Meanwhile, Neumann has moved to greener (?) pastures. blockchain carbon credit And… another real-estate company.
In its earnings call on Thursday, WeWork said it had lost $629 million in the last three months, $568 million of which was directly attributable to WeWork Inc. However, he earned $817 million in revenue for the quarter, below market expectations. according to Reuters. WeWork also lowered its projected revenue forecast, citing “slower than expected growth” as the reason.
Again, a real estate company. It’s not like WeWork is pouring millions of dollars into groundbreaking technological breakthroughs that will pay off in the long run. The company doesn’t even buy properties for investment purposes.this don’t own that building. Instead, it leases a large office space from the owner and divides it into smaller short-term leases. A middleman that no one wants.
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WeWork didn’t specify exactly where it would close, but said it expects the move to reduce costs for the company and contribute $140 million to future earnings. It remains unclear where the rest of the hundreds of millions of dollars needed to bring the company out of the red will come from. Over the past year, WeWork Inc’s stock has fallen about 78%, and at the time of writing he’s hovering around $2.18.
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