WeWork CEO says company on track to be profitable by end of year

WeWork CEO says company on track to be profitable by end of year

WeWork
Chief
Executive
Sandeep
Mathrani
said
Wednesday
the
co-working
firm
is
“completely
on
track”

to
reach
profitability

by
the
fourth
quarter
of
this
year,
and
its
office
spaces
in
China
have
nearly
bounced
back
to
pre-pandemic
levels.

Mathrani
took
the
helm
at
WeWork
in
February
to
turn
around
the
company
after
a
disastrous
period
in
which
WeWork
scrapped
its
initial
public
offering,

fired
its
founder
Adam
Neumann

and
faced
bankruptcy.

In
an
interview
during
the
Reuters
Next
conference,
Mathrani
said
he
expects
many
Americans
will
still
want
to
work
in
an
office
environment
despite
the
ongoing
pandemic.

“We’ve
seen
mental
health
reasons
for
people
who
want
to
come
back
to
work
[in
the
office],”
he
said.
“I’m
a
firm
believer
that
the
office
is
an
important
part
of
everyday
living.”

WeWork
locations
in
China
“are
back
to
virtually
90
percent
of
pre-COVID
levels
from
an
occupancy
perspective
and
leasing
and
demand
perspective,
Mathrani
said.

He
added
that
WeWork
currently
has
$3
billion
of
liquidity
on
its
balance
sheet,
which
is
enough
to
carry
the
company
through
2022.

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