(New York) Shared office specialist WeWork rose to Wall Street on Monday after reporting a reduction in its third-quarter losses and a slight increase in the occupancy rate of its premises.
The action of the company, which revealed its first quarterly results since its arrival on the stock market in October, took 2.07%, to 9.37 dollars, at mid-session after gaining more than 6% in the first exchanges. .
WeWork, which operates 764 sites in 38 countries, reported a net loss of $ 802 million in the third quarter, down from $ 941 million a year earlier.
Its revenue was down 18% from the same period in 2020, to $ 661 million, but was up 11% from the second quarter.
While its business has suffered since the start of the pandemic from the increased use of telework, WeWork has also seen its occupancy rate drop from 56% at the end of September, to 59% in October.
WeWork merged on October 20 with the already listed company BowX and made its debut on the New York Stock Exchange the next day at a price valuing it at $ 9 billion, a far cry from the 47 billion theoretical valuation targeted in January 2019. .
The company had in the following months faced growing doubts from investors about the soundness of its finances and about the personality of its co-founder and then director, Adam Neumann.
Following the failure of an initial IPO attempt in September 2019, the board of directors finally handed the reins of WeWork to Sandeep Mathrani, a real estate industry veteran.
After a welcomed arrival on Wall Street by a rise of 13% on October 21, the title of WeWork had since fallen again, passing below the threshold of 10 dollars of the IPO price of BowX.