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As it continues to try and rightsize its operations, WeWork has announced that it will cut around 300 jobs around the world.Â
The coworking operator, which has struggled with burning through cash and excess real estate, aims to prepare for the inevitable recession. Â Â Â
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Despite the company enjoying a spike in demand over the last several months and a potentially higher-than-anticipated fourth-quarter revenue report, WeWork has made no secret of its struggles to become profitable.Â
Last year, the company shuttered 40 locations across the U.S. due to low performance. The operator also said its fourth-quarter revenue would likely fall between $870 million and $890 million, much lower than Wall Street expectations of $923.8 million.Â
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Source:
Reuters
