WeWork To Be Profitable By Q4
USA – WeWork’s CEO Sandeep Mathrani revealed on Wednesday that the company is “completely on track” to become profitable by Q4 2021, citing that its coworking spaces in China have nearly recovered to pre-COVID levels, reported Reuters on Thursday (14 January).
He foresees that many people in the United States will still want to perform their roles in the actual office despite the ongoing health crisis. Mathrani said this in an interview with Global Industry Editor Vanessa O’Connell during the Reuters Next conference.
“I’m a firm believer that the office is an important part of everyday living,” he said adding that many studies have shown that, due to mental health reasons, many employees want to go back to their workplace.
As a matter of fact, WeWork’s coworking facilities in China “are back to virtually 90 percent of pre-COVID levels from an occupancy perspective, as well as leasing and demand perspective,” noted Mathrani.
Aside from that, the coworking space provider’s balance sheet shows that it has US$3 billion of liquidity, which is sufficient for its funding needs until 2022.
He also shared in December 2020 that WeWork recorded its highest membership sales since the same month in 2019.
Notably, Mathrani was appointed as the company’s Chief Executive in February 2020 after it cancelled its initial public offering (IPO), let go of Founder Adam Neumann, and faced the dismal prospect of going bust.