WeWork saw its revenue fall in the third quarter of this year, but leaders remain bullish about the coworking company’s ability to stay afloat throughout the pandemic.
The firm’s quarterly revenue fell 8% from the second quarter to $811 million, but its cash burn slowed, according to a memo sent to employees.
WeWork added that it has walked away from 66 of its locations and restructured 150 lease agreements, which reduced around $1.5 billion in long-term liabilities.
The memo states these results indicate that key metrics are stabilizing. With companies of over 500 employees now representing 54% of WeWork’s memberships, the company is confident that it is poised to weather the ongoing pandemic.
“This is our moment, and I know that together, we will continue to define the future of work,” the memo from CEO Sandeep Mathrani and CFO Ben Dunham read.
WeWork has spent the better part of this year trying to recoup the losses it experienced over the last year when it attempted to go public. This included dropping “The We Company” brand, letting go its businesses outside of office-sharing, and more.
While the company is confident it will be able to make it out of the woods, the memo did not say whether it would reach profitability in 2021 as the company has stated in the past.