{"id":46186,"date":"2023-08-09T03:18:48","date_gmt":"2023-08-09T07:18:48","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/wework-flags-substantial-doubt-about-its-ability-to-stay-in-business\/"},"modified":"2023-08-09T03:18:50","modified_gmt":"2023-08-09T07:18:50","slug":"wework-flags-substantial-doubt-about-its-ability-to-stay-in-business","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=46186","title":{"rendered":"WeWork flags \u2018substantial doubt\u2019 about its ability to stay in business"},"content":{"rendered":"
\n

WeWork Inc. disclosed Tuesday that there\u2019s \u201csubstantial doubt\u201d about its ability to continue operating, as the company seeks to improve its financial positioning. <\/p>\n

Shares of the company, which provides co-working spaces, slid 24% in Tuesday\u2019s after-hours trading. <\/p>\n

\n

WeWork
\n WE,
\n -5.50%<\/bg-quote>
\n lost $397 million in the second quarter and has $680 million of liquidity. In light of its losses and expected cash needs, \u201csubstantial doubt exists about the company\u2019s ability to continue as a going concern,\u201d WeWork said in its second-quarter earnings release. <\/p>\n

Its ability to continue \u201cis contingent upon successful execution of management\u2019s plan to improve liquidity and profitability over the next 12 months.\u201d<\/p>\n

See also<\/strong>: Proterra stock craters as electric-bus maker files for Chapter 11 bankruptcy <\/p>\n

As part of that liquidity planning, WeWork will aim to cut its rent and tenancy costs through restructuring as a renegotiation of lease terms. The company is also looking to boost revenue by lowering member churn, and it will try to rein in expenses and capital expenditures. Finally, WeWork is seeking additional capital through the issuance of debt or equity, or via asset divestitures. <\/p>\n

The company was a hot technology player before the pandemic, enabling businesses to obtain flexible arrangements for workspaces, but it\u2019s struggled to find its footing again now that companies and employees have become more comfortable with remote work. <\/p>\n

WeWork\u2019s losses narrowed in the latest quarter, though they were still sizable, as the company logged a net loss of $397 million, or 21 cents a share, compared with a loss of $635 million, or 76 cents a share, in the year-prior period. The FactSet consensus was for a 12-cent loss per share, based on three estimates. <\/p>\n

The company also managed to grow revenue in its latest quarter, bringing in an $844 million haul on the top line, up from $815 million a year earlier, though analysts had been looking for $850 million. <\/p>\n

\u201cThe company\u2019s transformation continues at pace, with a laser focus on member retention and growth, doubling down on our real-estate portfolio optimization efforts, and maintaining a disciplined approach to reducing operating costs,\u201d Interim Chief Executive David Tolley said in a release. <\/p>\n

The company\u2019s prior CEO stepped down in May.<\/p>\n

See more<\/strong>: WeWork bonds sink after top executives resign from cash-burning company<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

WeWork Inc. disclosed Tuesday that there\u2019s \u201csubstantial doubt\u201d about its ability to continue operating, as the company seeks to improve its financial positioning. Shares of the company, which provides co-working spaces, slid 24% in Tuesday\u2019s after-hours trading. WeWork WE, -5.50% lost $397 million in the second quarter and has $680 million of liquidity. In light […]<\/p>\n","protected":false},"author":1,"featured_media":46187,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-46186","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nWeWork flags \u2018substantial doubt\u2019 about its ability to stay in business | iFintechWorld<\/title>\n<meta name=\"description\" content=\"WeWork Inc. disclosed Tuesday that there\u2019s \u201csubstantial doubt\u201d about its ability to continue operating, as the company seeks to improve its financial\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=46186\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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