WeWork Q2 Loss Narrows

(RTTNews) - WeWork Inc. (WE), a flexible space provider, reported that its second quarter net loss attributable to the company narrowed to $349 million or $0.21 per share from $577 million or $0.76 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.12 per share for the second quarter. Analysts' estimates typically exclude special items.

WE closed Tuesday's regular trading at $0.20 down $0.01 or 5.50%. In the after-hours trading, the stock further dropped $0.05 or 23.74%.

Consolidated revenue for the second quarter 2023 was $844 million, an increase of 4% year-over-year. Analysts expected revenue of $850.91 million for the quarter.

All Access consolidated memberships were approximately 75,000 in the second quarter of 2023, an increase of 21% year-over-year.

Consolidated physical occupancy was 72% at the end of the second quarter 2023, an increase from 70% at the end of the second quarter 2022.

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