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.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app