WeWork Says September Generated Highest Monthly Sales in 2021
(Bloomberg) -- WeWork Cos. said its September revenue reached $228 million, its highest monthly sales this year, as the company prepares to list on the New York Stock Exchange.
At an online investor presentation Thursday, WeWork Chief Executive Officer Sandeep Mathrani painted a bright future for the flexible office space company, despite the delays in the return to the workplace caused by the coronavirus pandemic.
“We are the right company at the right time,” he said. “Flexibility is at the core of what the future of the office is.”
Preliminary third-quarter revenue totaled $658 million, up from $593 million in the prior quarter, the company said. That was on the low end of the range it provided in August.
Occupancy rates continued to climb, hitting 60% at the end of September, up from 52% in the prior quarter. Two years ago, its occupancy rates hovered above 70%.
Consolidated gross desk sales totaled 154,000 in the third quarter, or 9.2 million square feet sold. That was little changed from about 153,000 in the second quarter. Consolidated new desk sales totaled 84,000 in the third quarter, down from 98,000 in the second quarter.
WeWork is in the final stages of a plan to go public via a $9 billion merger with a special purpose acquisition company, BowX Acquisition Corp. BowX shares were trading at $10 Thursday afternoon.
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