WeWork to cut 300 jobs globally as inflation weighs on workspace spending

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

Photo: Reuters
Reuters
1 min read Last Updated : Jan 20 2023 | 12:51 AM IST

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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Topics :job lossjob cutsWeWorklayoff

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