WeWork Inc. reported a net loss of $454 million for the fourth quarter, narrower than the prior year’s loss. Revenue rose to $848 million, surpassing the FactSet consensus of $847 million. Physical occupancy rose to 75%, and the company had liquidity of $1.3 billion at quarter-end. First-quarter revenue is expected to be between $830 million and $855 million, below the FactSet consensus. The stock has fallen 76% in the last 12 months, while the S&P 500 has dropped 7%.
WeWork Inc.
WE,
said Thursday it had a net loss of $454 million, or 59 cents a share, for the fourth quarter, narrower than the loss of $715 million, or $1.82 a share, posted in the year-earlier period. The number was wider than the FactSet consensus for a loss of 43 cents a share. The office-sharing company said revenue rose to $848 million from $718 million a year ago, to squeak past the FactSet consensus of $847 million. The New York-based company said consolidated physical occupancy rose to 75% by quarter-end. The company had liquidity of about $1.3 billion at quarter-end. It now expects first-quarter revenue of $830 million to $855 million, below the FactSet consensus of 880 million. The stock rose 2.9% premarket, but has fallen 76% in the last 12 months, while the S&P 500
SPX,
has fallen 7%.