WeWork's First Public Earnings Report Shows Narrowing Losses, Year-Over-Year Revenue Decline

Now that its long, strange trip from a failed IPO to merger with a special-purpose acquisition company is complete, WeWork is just another publicly traded enterprise.

The flexible office space provider released its earnings report for the third quarter on Monday, the first since officially going public in October. In the quarter, WeWork reported a net loss of $844M, an improvement of more than $100M over the nearly $1B it lost in Q3 of 2020, Reuters reports. The smaller loss was largely a result of cost-cutting measures over the intervening year, as its Q3 revenue was $661M, compared to over $810M in the same period of 2020. The quarter still represented an improvement over Q2, when revenue totaled $593M.