Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

WeWork CEO says company on track to be profitable by end of year

01/13/2021 | 01:27pm EST
FILE PHOTO: The WeWork logo is seen on a cup at a WeWork office in Beijing

(Reuters) - WeWork Chief Executive Sandeep Mathrani said Wednesday the co-working firm is "completely on track" to reach profitability by the fourth quarter of this year, and its office spaces in China have nearly bounced back to pre-pandemic levels.

Mathrani took the helm at WeWork in February to turn around the company after a disastrous period in which WeWork scrapped its initial public offering, fired its founder Adam Neumann and faced bankruptcy.

In an interview during the Reuters Next conference, Mathrani told Reuters Global Industry Editor Vanessa O'Connell he expects many Americans will still want to work in an office environment despite the ongoing pandemic.

"We've seen mental health reasons for people who want to come back to work (in the office)," he said. "I'm a firm believer that the office is an important part of everyday living."

WeWork locations in China "are back to virtually 90% of pre-COVID levels from an occupancy perspective and leasing and demand perspective," Mathrani said.

He added that WeWork currently has $3 billion of liquidity on its balance sheet, which is enough to carry the company through 2022.

Mathrani said last month WeWork posted its best membership sales numbers since December 2019.

(Reporting by Sheila Dang in Dallas, Editing by Nick Zieminski and Lisa Shumaker)

By Sheila Dang and Abhijith G


© Reuters 2021
Latest news "Economy & Forex"
04:00aIMF urges deficit control in Tunisia even as protesters demand jobs
RE
01:34aECLAC ECONOMIC COMMISSION FOR LATIN AMERICA AND : Celebrates Prompt Entry into Force of the Escazú Agreement and Highlights the Region's Commitment to Sustainable Development and Human Rights
PU
01/22CENTRAL BANK OF SRI LANKA : Discretionary Payments of Licensed Banks
PU
01/22Biden, Canada's Trudeau to meet next month, collaborate on vaccines, medical supplies
RE
01/22FEDERAL TRADE COMMISSION : What to know about the second round of Economic Impact Payment (EIP) checks and cards
PU
01/22NETFLIX, PROCTER & GAMBLE, INTEL : Stocks That Defined the Week
DJ
01/22CENTRAL PEOPLE GOVERNMENT OF PEOPLE RE : Xi stresses strict Party governance for 14th Five-Year Plan period
PU
01/22WORLD BANK : Nicaragua to Receive Emergency Funding Following Devastation Left by Eta and Iota
PU
01/22Morgan Stanley CEO's annual pay rises by over 20%
RE
01/22Yellen nomination sails through Senate panel; final vote set for Monday
RE
Latest news "Economy & Forex"