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Jeremy Fennema – Tech Innovation Alchemist
Mark Dixon, CEO of IWG, said that WeWork will need a miracle to meet its recovery goals and become profitable.
The statement was made during a conference call this week, where Dixon discussed his own company’s expected dip in profits for this year.
“I mean [WeWork] is talking positive, but the actual numbers all went completely negative,” said Dixon. “If they’re able to achieve it, we, as a company, would be very happy, because it will mean we will achieve it as well.”
Although WeWork has been working to cut its massive cash burn, it still lost $2.06 billion during the first quarter of this year. However, the company is still planning to go public by merging with a special purpose acquisition company.
IWG reported over a $879 million loss during the first quarter of the year, which is a significant dip from the $167 million in profit it had during the same time last year.
The company also told investors that it is anticipating profits for this year to be “well below” 2020 levels due to new strains of Covid-19 and continued lockdowns.
