WeWork warns it has 'substantial doubt' about whether it can keep going as a bus...
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WeWork warns it has 'substantial doubt' about whether it can keep going as a business
WeWork warned Tuesday that it had "substantial doubt" about its ability to keep operating.
The company reported a loss and a decline in memberships in its second-quarter earnings.
Still, its CEO said WeWork is confident it can continue to meet the needs of its customers.
Co-working company WeWork is apparently in troubled waters.
In its second quarter earnings report on Tuesday, the company said there's "substantial doubt" about its ability to keep going as a business.
The company issued what's known as a "going-concern" warning. Publicly traded companies typically issue these when they're worried, broadly speaking, that they don't have the money to pay their bills over the next year, an S&P Global report on the topic explains.
As for WeWork, its statement pointed to "losses and projected cash needs, combined with increased member churn and current liquidity levels."
The company's stock tanked nearly 25% in after-hours trade following the release. (It closed normal-hours trade at just 21 cents — down more than 95% over the past year.)
Still, WeWork said in a statement to Insider that it's confident it can execute on a turnaround plan.
"Although we have more work to do, the talent and energy of the WeWork team is extraordinary and we are resolutely focused on delivering for our members for the long term," David Tolley, the company's interim CEO, said in a statement. "The company's transformation continues at pace, with a laser focus on member retention and growth, doubling down on our real estate portfolio optimization efforts, and maintaining a disciplined approach to reducing operating costs."
He pointed to what he called "excess supply" in commercial real estate, along with increased competition when it comes to offering flexible work space, as challenges for the business that led to higher member turnover and softer-than-expected demand. The company also reported a decline in memberships.
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Eli Lilly stock broke out bullishly Tuesday after the drugmaker walloped forecasts partly due to diabetes treatment powerhouse Mounjaro.
17h ago - Investor's Business Daily
Ollie's Bargain Outlet Has A Sense Of Humor. And Its Earnings Are No Joke.
Ollie's Bargain Outlet pokes fun at itself, but accelerating earnings growth and a 54% year-to-date stock gain show its serious side.
18h ago - 1d ago
- Zacks
Masimo (MASI) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates
The headline numbers for Masimo (MASI) give insight into how the company performed in the quarter ended June 2023, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
12h ago - Bloomberg
Ruble Weakens Toward 100 Per Dollar for First Time in 16 Months
(Bloomberg) -- The slump in Russia’s ruble shows little sign of abating amid high currency outflows and worsening foreign trade conditions as sanctions over the war in Ukraine take their toll on the economy.Most Read from BloombergEveryone Wants to Work at UPS After Teamsters DealWeWork Tumbles After Raising ‘Substantial Doubt’ About FutureTycoon Who Gave Away $750 Million Sees Profit in Loans to PoorTesla CFO Kirkhorn Exits With $590 Million FortuneWall Street WhatsApp, Texting Fines Exceed $2.
5h ago
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