Global flexible space provider WeWork Inc. aims to reach as much as $4 billion in revenue this year after the $57-million increase in the fourth quarter of 2021, the firm announced in a filing.
- Fourth-quarter 2021 revenue stood at $718 million, up by $57 million or 9% from the previous year’s $661 million, even as the average revenue per member for physical memberships was flat at $484 million.
- The net loss was $804 million, reflecting a 5% gain from the third quarter. The company recorded restructuring costs of -$48 million, impairments of $241 million, stock-based compensation of $48 million, and $2 million of other costs.
- Systemwide gross desk sales reached 217,000 in the fourth quarter of 2021, equivalent to 13.0 million square feet sold, which includes 113,000 new desk sales. Full-year gross desk sales totaled 593,000 or 35.6 million square feet.
- WeWork Expects systemwide revenue between $3.8 billion and $4.0 billion, and consolidated revenue between $3.35 billion and $3.5 billion in 2022. This includes up to $760 million in the first quarter, up to $825 million in the second quarter, and up to $1 billion each in the third and fourth quarters.
Occupancy in the fourth quarter increased 6 points to 66% quarter-over-quarter, covering sold but not yet occupied memberships. WE is up 0.76% premarket.