WeWork Tumbles After Raising ‘Substantial Doubt’ About Future
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WeWork Tumbles After Raising ‘Substantial Doubt’ About Future
(Bloomberg) -- WeWork Inc. shares plummeted more than 25% in extended trading after saying there’s “substantial doubt” about its ability to continue operating. The company cited sustained losses and canceled memberships to its office spaces.
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The co-working business will focus over the next 12 months on reducing rental costs, negotiating more favorable leases, increasing revenue and raising capital, WeWork said in a statement Tuesday.
The warning comes mere months after WeWork struck a deal with some of its biggest creditors and SoftBank to cut its debt load by around $1.5 billion and extend other maturities. Its bonds trade at deeply distressed levels. The company’s 7.875% unsecured notes due 2025 last changed hands for 33.5 cents on the dollar, according to data from Trace.
Just a few years ago, WeWork was one of America’s most valuable startups. Venture capitalists fueled its rise with billions of dollars to rent up real estate around the world and lease it back to workers. The co-founder Adam Neumann led a disastrous attempt at an initial public offering in 2019, resulting in his ouster as chief executive officer and necessitating a financial rescue from its major backer, SoftBank Group Corp.
The Covid-19 pandemic dealt another blow. WeWork’s office locations, which emptied out during the early months of the health emergency, were showing slow progress toward filling back up over the last year. But the recovery appears so far to be unsustainable. WeWork said occupancy dropped in the second quarter compared to the previous quarter.
The New York-based company has also been weathering a change in leadership. Sandeep Mathrani, who took over as CEO in early 2020, left in May to become a partner at private equity firm Sycamore Partners. WeWork currently has an interim CEO. On Tuesday, WeWork said three of its independent board members are being replaced by four new board members.
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BEIJING (Reuters) -China's consumer prices posted their first annual decline in more than two years in July, while factory gate prices extended their falls, data showed on Wednesday, as lacklustre demand weighed on the economy. The only bright spot was that the core CPI rebounded to 0.8% due to seasonal tourism during the summer, but I am afraid that it may lack sustainability.
11h ago - Reuters
Moody's downgrades US banks, warns of possible cuts to others
Moody's cut the ratings of 10 banks by one notch and placed six banking giants, including Bank of New York Mellon, US Bancorp, State Street and Truist Financial on review for potential downgrades.
1d ago - Zacks
Nektar Therapeutics (NKTR) Reports Q2 Loss, Lags Revenue Estimates
Nektar (NKTR) delivered earnings and revenue surprises of 10% and 2.13%, respectively, for the quarter ended June 2023. Do the numbers hold clues to what lies ahead for the stock?
16h ago - Zacks
Don't Overlook These Affordable Stocks as Earnings Approach
Components such as valuation, growth, and rising earnings estimates help reconfirm it's time to buy these top-rated stocks for their affordable prices and investment potential.
14h ago - Investor's Business Daily
Li Auto Earnings Boom. Tesla Rival Sinks Despite Strong Outlook, Mega Update.
Li Auto earnings boomed on soaring sales, with the Tesla rival's delivery outlook strong. Li Auto stock fell but has more than doubled in 2023.
17h ago - Skift
TUI Returns to Profit, Eyes Shifts From Extreme Weather
TUI is acutely aware that its holiday package tours could be prone to seasonality shifts, as the group has just had to deal with the impact of severe weather warnings and wildfires. Despite all this and rising prices, travel demand from its main markets remains strong.
1h ago
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