WeWork losses mount but sees 'seismic shift' in office leasing to its favor
By Herbert Lash NEW YORK (Reuters) - WeWork Companies LLC said on Thursday revenue declined and its cash burn increased in the third quarter, but management expressed confidence the shared-workplace provider can weather the hit to the global office sector from COVID-19.
By Herbert Lash
NEW YORK (Reuters) - WeWork Companies LLC said on Thursday revenue declined and its cash burn increased in the third quarter, but management expressed confidence the shared-workplace provider can weather the hit to the global office sector from COVID-19 .
Quarterly revenue slid 8% from the second quarter to $811 million (£618 million), while the company posted negative free cash flow of $517 million, greater than $482 million of cash burn a quarter ago, WeWork said in a memo to employees seen by Reuters.
WeWork said member retention improved and renewal rates stabilized with the loss of desks in September at its lowest level since March when COVID-19 shut down businesses around the world and left office buildings vacant.
The pandemic has accelerated a "seismic shift" in the office sector that has put flexibility - an industry byword for the short-term leases the company embraces - and WeWork at the forefront, the memo signed by Chief Executive Sandeep Mathrani and Chief Financial Officer Ben Dunham said.
"This is our moment, and I know that together, we will continue to define the future of work," they said.
(Reporting by Herbert Lash; Editing by Sam Holmes)
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