WeWork to cut about 300 jobs globally

January 19, 2023
WeWork to cut about 300 jobs globally

BENGALURU: WeWork Inc said on Thursday it plans to cut about 300 roles across countries to cut costs as high inflation weighs on office workspace spending.

The New York-based company, which offers workstations, private offices and customized floors, had enjoyed a pandemic-driven shift to flexible work outside traditional offices.

But with companies cutting their spending, WeWork is looking to reduce its real estate footprint and workforce to prepare for a looming recession.

The company said on Thursday it expects to report fourth-quarter revenue and adjusted EBITDA above its earlier expectations.

WeWork in November announced its exit from 40 U.S. locations and said it expected fourth-quarter revenue between $870 million and $890 million, below Wall Street’s target of $923.8 million.

It also forecast adjusted EBITDA to be negative $65 million to negative $85 million.

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