WeWork reports smaller loss as demand for office space returns

Office sharing firm WeWork Inc posted a smaller third-quarter loss on Monday, as a rebound in demand for office space boosted corporate and individual memberships.

The pandemic has prompted many companies to adopt a more hybrid model, where employees have the flexibility to work from offices, co-working spaces, public areas and home, partly helping Softbank-backed WeWork.

The company has attempted to cut losses by exiting unprofitable leases and selling non-core assets.

In its first quarterly report since going public last month, WeWork reported a net loss of $844.3 million in the third quarter ended Sept. 30, compared with a loss of $999.5 million a year earlier.