SoftBank-backed office-sharing start-up WeWork on Thursday reported a first-quarter net loss of $2.06 billion, as it was hit by restructuring charges while it prepares to go public through a merger with a blank-check firm. WeWork said its business was recovering as more people returned to offices due to easing of Covid-19 curbs, after work-from-home arrangements last year weighed heavily on the company by reducing occupancy and increasing operating costs. ALSO READ: SoftBank's first female director to leave after challenging Masayoshi Son Total occupancy ticked up to ...
WeWork reports quarterly loss of nearly $2.1 bn ahead of public listing
WeWork in March agreed to go public through a merger with BowX Acquisition Corp, a special purpose acquisition company, in a deal that valued it at $9 billion
Reuters Last Updated at May 22, 2021 03:34 IST