WeWork says back on track to profits: Financial Times

Troubled office-sharing start-up WeWork is set to have a positive cash flow by next year, its executive chairman told the Financial Times on Sunday, hailing a turn-around for the high-profile company.

“Everybody thought WeWork was mission impossible. [That we had] zero chance. And now, a year from now, you are going to see WeWork to basically be a profitable venture with an incredible diversity of assets,” Marcelo Claure said.

Claure told the Financial Times that the New York-based company’s revival was ahead of schedule after cutting its workforce by 8,000, renegotiating leases and selling assets.

He also cited strong demand for flexible workspace since the start of the coronavirus pandemic, with companies seeking small, satellite offices near where employees live.