WeWork’s revenue plunges; shift in office use supports rebound
The third quarter had seen a drop in WeWork’s revenue. However, its cash burn decelerated, the company announced on Thursday. In addition to this, the management remains complacent that the shared-workplace provider can neutralize the effect of the coronavirus on the corporate sector.
The company’s quarterly revenue dropped a total of 8% from the second quarter, according to a memo released by WeWork. Meanwhile, its cash burn was read at $517 million, placing below the $671 million record from the first quarter.
Currently, the company has an estimated reduction of $1.5 billion in long-term liabilities. This followed after the company successfully amended 150 lease arrangements and exited 66 open or were-to-be-opened locations.