News: WeWork to slash 300 jobs amid high inflation

Strategic HR

WeWork to slash 300 jobs amid high inflation

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.
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.

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Topics: Strategic HR

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