WeWork Quietly Announces Plans For 300 Job Cuts
WeWork Inc (NYSE: WE) is the latest firm to reveal it will be conducting layoffs. The company covertly made the announcement within a news release focused on providing a date for its fourth quarter financial results.
A total of 300 employees are expected to be laid off from the firms global workforce, which amounts to an estimated 6.8% of the firms employees, based on the most recently available data. The job cuts are said to be related to its “portfolio optimization” and an effort to streamline operations.
A timeline for the planned layoffs was not provided.
READ: Tech Names Top Layoffs In Past Year As Job Cuts Continue
At the same time, the company indicated that preliminary numbers show gains in revenue and Adjusted EBITDA through the fourth quarter, with the company slated to exceed guidance that it provided during the Q3 conference call. Q4 revenue was previously slated to be between $870 to $890 million, while Adjusted EBITDA was guided to be a loss of between $65 and $85 million.
The company reported revenue of $817 million in the third quarter and Adjusted EBITDA of negative $105 million.
WeWork last traded at $1.59 on the NYSE.
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