Flexible office group WeWork Inc (NYSE:WE) posted a smaller net loss in the second quarter, with offices were 72% full at the end of the second quarter, same as the occupancy rate in late 2019 before the pandemic.
A net loss of US$635mln was a 31% improvement year over year, while negative adjusted EBITDA at US$134mln was a US$78mln improvement from the first quarter of 2022, and a US$315mln improvement from the prior year period, and "within guidance".
Net loss per share was US$0.76 compared to a loss of US$6.12.
Shares were up 1.35% in pre market at US$5.24.
Revenue for the second quarter was US$815mln, an increase of 37% year over year.
"As we head into the second half of the year, we remain confident in our proven ability to execute against our goals of growing revenue, increasing occupancy and continuing to drive towards profitability," said Sandeep Mathrani, chief executive and chair said in a statement.
The company reaffirmed its full year 2022 revenue guidance to US$3.4-$3.5bn and adjusted EBITDA of negative US$400-$475mln.