: WeWork stock jumps after loss narrows sharply, revenue tops guidance range #FinanceUSA #StockMarketNEWS Shares of WeWork Inc. shot up 8.8% in premarket trading Thursday, after the co-working space

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WeWork stock jumps after loss narrows sharply, revenue tops guidance range #FinanceUSA #StockMarketNEWS
Shares of WeWork Inc. shot up 8.8% in premarket trading Thursday, after the co-working space rental company reported a much narrower first-quarter loss and revenue that rose above expectations, and raised its outlook. Net losses narrowed to 5 million, or 57 cents a share, from .03 billion, or .34 a share, in the year-ago period, as the number of shares outstanding increased more than fivefold to 759.68 million shares. Revenue grew 28% to 5 million, above previously provided guidance range of 0 million to 0 million. There were not enough estimates provided by FactSet to have a consensus. Total expenses were about halved to .12 billion from .10 billion. WeWork's systemwide real estate portfolio as of March 31 consisted of 765 locations in 38 countries, supporting 916,000 workstations and 626,000 physical memberships, up 32% from a year ago. For the second quarter, the company raised its revenue guidance range to 0 million to 5 million from 5 million to 5 million. The stock has plummeted 40.7% year to date through Wednesday, while the S&P 500 has dropped 17.4%.

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