WeWork quarterly revenue dips as Delta variant dampens recovery By Reuters

© Reuters. FILE PHOTO: A man walks out of a WeWork space in the Manhattan borough of New York City, New York, U.S., October 4, 2019. REUTERS/Carlo Allegri/File Photo

(Reuters) -Office-sharing startup WeWork said on Friday its second-quarter revenue dipped from the prior quarter, as the emergence of the Delta coronavirus variant resulted in a slower-than-expected recovery for the first half of the year.

The company said it would trim its expectations about the recovery timing for average revenue per member, particularly in the United States and Canada in 2021 and 2022 due to the Delta threat.

The fast-spreading Delta variant and the subsequent tightening of curbs in some places have compounded worries for office space providers, as businesses opt for shorter leases and many employees continue to work remotely.

The move to hybrid-work strategies would help improve sales, the company said, adding that it still expects preliminary July revenue to come in at about $215 million.

Net loss attributable to WeWork was $888.85 million in the quarter ended June 30, compared with $863.83 million a year earlier.

Revenue dipped nearly 1% to $593.48 million in the second quarter from the prior quarter.

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