(Bloomberg) — WeWork Inc.’s loss narrowed in the third quarter, the company said in its first financial results since going public.
The loss was $4.54 cents a share in the period that ended in September, compared with $5.51 a year ago, the New York-based company said in a statement Monday. Sales declined 18% to $661 million in the quarter.
The company, which rents office space, went public last month by merging with a blank-check company. The current business is different in many ways from its predecessor, which was rejected by public investors two years ago. It has fewer apparent conflicts of interest, a smaller staff and a new chief executive officer, a longtime real estate executive named Sandeep Mathrani.
Trading of WeWork shares has been volatile since last month. On Friday, the stock fell 80 cents below the $10 initial price of the blank-check company it merged with. It rose less than 1% in premarket trading Monday following the report.
The shares got a slight boost last week thanks to Adam Neumann. The co-founder gave a rare public interview in which he expressed regrets about his time in charge and proclaimed that WeWork has a “bright future.”
Mathrani’s WeWork remains similar to Neumann’s in that it still loses a great deal of money. The loss was nearly $3 billion in the first half of the year, three times wider than in the same period in 2019.
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