WeWork Inc. (NYSE: WE) saw its shares move higher Thursday after disclosing financial results for the three months ended September 30, 2022. Revenue for the third quarter was $817 million, an increase of 24% year-over-year. Revenue using the Company’s budgeted foreign exchange rates was $868 million, an increase of 33% year-over-year.
Consolidated physical occupancy in the third quarter was 71%. Consolidated physical occupancy for mature buildings was 72% (1) . Approximately 8,000 physical memberships and 7,000 workstations were added during the quarter.
Net loss for the third quarter was $629 million. Net loss includes approximately $430 million related to non-cash expenses .
Adjusted EBITDA was negative $105 million, a $251 million improvement year-over-year.
Said CEO Sandeep Mathrani, “Our third-quarter results illustrate how our disciplined and strategic approach to transforming our business and delivering holistic solutions for a new world of work are paying off. The long-term value of flexibility is clear and we remain focused on strengthening our business while navigating a volatile macroeconomic environment. As evidenced by our growth in revenue, reduced costs, optimized portfolio and reinforced balance sheet, we are leveraging all the tools at our disposal to continue executing against our goals.”
In July, the Company launched its software solution, WeWork Workplace, to enable companies of all sizes to manage their space and workforce through one universal platform. Since its debut, over 100 companies have signed onto WeWork Workplace, comprising over 15,000 licenses.
WE shares gained 14 cents, or 5.6%, to $2.57.