There is a lot for the firm to celebrate with revenue increasing 24 percent year over year to $817 million. While losses from operations amount to $336 million, this figure is dropping each year. However it doesn’t appear to be dropping fast enough.
“These closures are expected to reduce top-line revenue; however, they are expected to also reduce rent, tenancy and building operating expenses, and, once fully implemented, are expected to contribute approximately $140 million to annual Adjusted EBITDA [Earnings Before Interest, Taxes, Depreciation, and Amortisation]” said WeWork.
In the same breath however, WeWork celebrated the fact that it signed new management and revenue share agreements at 20 new locations globally.
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