WeWork’s revenue fell and its net loss widened for the second quarter, a period it said saw companies increasingly embracing hybrid-work setups.
The provider of shared office spaces, which agreed to go public with special-purpose acquisition company BowX Acquisition Corp., on Friday posted a net loss attributable to the company of $888.8 million, compared with a loss of $863.8 million in the prior year.
Revenue fell to $593.5 million from $881.7 million in the same period last year.
WeWork said total occupancy rose to 52% in the second quarter from 48% in the first quarter.
“The demand from businesses of all sizes accelerated through the quarter and steadily continued into July, delivering strong sales momentum that will drive occupancy and revenue growth,” Chief Executive Sandeep Mathrani said.
WeWork said its preliminary July revenue is expected to be about $215 million, placing it in a position to post $650 million to $700 million in the third quarter.