- WeWork Inc (NYSE:WE) reported fourth-quarter FY21 revenue growth of 9% quarter-on-quarter to $718 million.
- The global flexible space provider's occupancy improved 600 bps Q/Q to 66%.
- Systemwide gross desk sales totaled 217,000, Consolidated gross desk sales totaled 164,000, equating to 9.9 million square feet sold. Consolidated new desk sales totaled 87,000.
- Also Read: WeWork's Empty Chair Sparks Speculation Of Founder Adam Neumann's Return: Bloomberg, Why WeWork Shares Are Trading Higher Today
- The average revenue per member for physical memberships was $484, roughly flat Q/Q. All-Access memberships increased to 45,000, up 41% Q/Q.
- Loss from operations widened Q/Q to $(701.6) million. Adjusted EBITDA loss of $(283) million was a $73 million improvement Q/Q.
- WeWork held $1.97 billion in cash and unfunded cash commitments.
- Outlook: WeWork sees FY22 revenue of $3.35 billion - $3.50 billion in 2022, including Q1 revenue of $740 million - $760 million, and Q2 revenue of $775 million - $825 million.
- WeWork sees Q3 and Q4 revenue of $900 million - $1.00 billion.
- Price Action: WE shares traded higher by 2.00% at $5.36 on the last check Friday.
