WeWork’s 2021 loss widens to more than $4.4 billion while revenue fell nearly 25%

WeWork Inc. reported a 2021 loss that widened to more than $4.4 billion, although losses narrowed sequentially for every quarter after a $2.0 billion loss in the first quarter. The stock was little changed in premarket trading. The reported a 2021 net loss of $4.44 billion, or $18.38 a share, after a loss of $3.13 billion, or $22.24 a share, in 2020. The per-share loss narrowed because the number of shares outstanding nearly doubled, to 263.6 million shares from 140.7 million shares. Revenue for the year fell 24.8% to $2.57 billion. There were no analyst estimates provided to FactSet. For the fourth quarter, the provider of flexible work spaces reported a net loss was $715.4 million on revenue of $717.8 million, after a loss of $802.4 million on revenue of $661.0 million in the third quarter. Occupancy during the quarter was 66%, up from 60% in the third quarter. The company expects 2022 consolidated revenue to increase to between $3.35 billion and $3.50 billion, including revenue of between $740 million and $750 million in the first quarter and between $775 million and $825 million in the second quarter. WeWork went public in October after the closing of a merger with special purpose acquisition company BowX Acquisition Corp. The stock has tumbled 39.5% over the past three months while the S&P 500 has shed 9.6%.

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