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The
Softbank-backed firm said it expects full-year revenue between
$3.35 billion and $3.5 billion, a 30%-36% rise from its 2021
revenue.
The COVID-19 pandemic has pushed companies to offer employees to
work from places other than their offices, benefiting workspace
providers such as WeWork, which offers workstations, private
offices and customized floors.
Softbank-backed WeWork's business has also recovered due to
easing of COVID-19 curbs, after work-from-home arrangements last
year weighed heavily on the company amid reduced occupancy and
higher operating costs.
The switch to a hybrid work model had also lifted WeWork's
London-listed rival IWG, which reported a smaller loss on
Tuesday.
WeWork, which went public in October last year after a near
two-year struggle, was aided further by chief executive Sandeep
Mathrani's push to cut costs by exiting unprofitable leases and
selling non-core assets.
On Friday, WeWork said it expects revenue between $900 million
and $1 billion in the third and fourth quarter of 2022, which is
the range it expects to become profitable on an adjusted EBITDA
basis.
Long-term lease obligations, a closely-watched metric given the
company generally leases real estate, fell about 11% to $17.93
billion as of Dec. 31.
New desk sales for the fourth quarter, on the other hand, rose
to 87,000 from 84,000 in the third quarter.
Revenue rose about 9% quarter-on-quarter to $718 million.
(Reporting by Kannaki Deka and Abhijith Ganapavaram in Bengaluru:
Editing by Krishna Chandra Eluri)
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