WeWork Raised Going Concern Doubt, Stock Tumbled More Than 33% in Morning Trading

Like
Comment
Favorite

WeWork Raised Going Concern Doubt, Stock Tumbled More Than 33% in Morning Trading

Seekingalpha2023-08-09

Class A shares of WeWork (NYSE: WE) plummeted more than 33% in morning trading on Wednesday, after the co-working space provider said "substantial doubt" existed about its ability to continue as a ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment

No comments yet

Most Discussed

7x24

All

Terms and Conditions·Privacy Policy

Company: TTMF Limited. Tech supported by Xiangshang Yixin.

Email：uservice@ttm.financial

{"i18n":{"language":"en_US"},"data":{"share":"https://ttm.financial/m/news/2358797472?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2023-08-09 22:31","share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","id":"2358797472","market":"us","top_or_hot":-1,"title":"WeWork Raised Going Concern Doubt, Stock Tumbled More Than 33% in Morning Trading","media":"Seekingalpha","content":"<div>\n<p>Class A shares of WeWork (NYSE: WE) plummeted more than 33% in morning trading on Wednesday, after the co-working space provider said \"substantial doubt\" existed about its ability to continue as a ...</p>\n\n<a href=\"https://seekingalpha.com/news/3999740-wework-raises-going-concern-doubt-stock-craters-more-than-24-after-hours\">Source Link</a>\n\n</div>\n","source":"seekingalpha","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>WeWork Raised Going Concern Doubt, Stock Tumbled More Than 33% in Morning Trading</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWeWork Raised Going Concern Doubt, Stock Tumbled More Than 33% in Morning Trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-08-09 22:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/3999740-wework-raises-going-concern-doubt-stock-craters-more-than-24-after-hours><strong>Seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Class A shares of WeWork (NYSE: WE) plummeted more than 33% in morning trading on Wednesday, after the co-working space provider said \"substantial doubt\" existed about its ability to continue as a ...</p>\n\n<a href=\"https://seekingalpha.com/news/3999740-wework-raises-going-concern-doubt-stock-craters-more-than-24-after-hours\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"https://seekingalpha.com/news/3999740-wework-raises-going-concern-doubt-stock-craters-more-than-24-after-hours","article_id":"2358797472","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2358797472","pubTimestamp":1691591463,"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"Class A shares of $WeWork(WE)$ (NYSE: WE) plummeted more than 33% in morning trading on Wednesday, after the co-working space provider said \"substantial doubt\" existed about its ability to continue as","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"WeWork引发了持续经营的怀疑，股票在早盘交易中下跌超过33%","themeId":"b6251d276d524a92990b019863be720e","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"WE":1},"content_text":"Class A shares of WeWork (NYSE: WE) plummeted more than 33% in morning trading on Wednesday, after the co-working space provider said \"substantial doubt\" existed about its ability to continue as a going concern.The company also reported Q2 results that showed shrinking cash and cash equivalents and declining memberships. Additionally, WE announced several changes to its board.WE stock has slumped more than 37% since mid-May when the company announced a surprise exit of then CEO Sandeep Mathrani after a three-year tenure.\"As a result of the Company’s losses and projected cash needs, combined with increased member churn and current liquidity levels, substantial doubt exists about the Company’s ability to continue as a going concern,\" WeWork (WE) said in a statement.WE posted Q2 GAAP earnings per share of -$0.21, missing estimates by $0.09. Revenue climbed 3.6% Y/Y to $844M and beat expectations by $3.93M.As of June 30, 2023, WE's systemwide real estate portfolio supported 653K physical memberships (-1% Y/Y) while its consolidated real estate portfolio supported 512K physical memberships (-3% Y/Y).\"Excess supply in commercial real estate, increasing competition in flexible space and macroeconomic volatility drove higher member churn and softer demand than we anticipated, resulting in a slight decline in memberships,\" WE interim CEO David Tolley said.WE said cash and cash equivalents as of June 30 was $205M, compared to $224M as of March 31, 2023. Total liquidity as of June 30 was $680M.WeWork (WE) in a separate statement said it was continuing its search for a permanent CEO. It also replaced three of its directors and added another.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}