WeWork to slash 300 jobs amid high inflation

WeWork Inc announced its plan to slash about 300 jobs across countries amid fears of high inflation that has a bearing on the firm's office workspace spending.

The New York-based company, which offers workstations, private offices, and customised floors, had enjoyed a pandemic-driven shift to flexible work outside traditional offices.

At a time when more and more companies are reducing their costs, WeWork is looking to minimise its real estate footprint and workforce to prepare for a looming recession.

The company aims to report fourth-quarter revenue and adjusted EBITDA above its earlier expectations.

In November, the company announced its exit from 40 U.S. locations and said it expected fourth-quarter revenue between $870 million and $890 million, below Wall Street's target of $923.8 million. 

According to the company, the adjusted EBITDA would be negative $65 million to negative $85 million.