WE - WeWork Layoffs 2023: What to Know About the Latest WE Job Cuts
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WeWork (NYSE:WE) layoffs are on the way as the company reveals job cuts as it prepares to release its latest earnings report.
According to a press release from WeWork, the layoffs will see it reduce its global workforce by 300 employees. That represents roughly 6.8% of the company’s workers based on the latest employee data.
WeWork notes that these actions are part of its effort to optimize its portfolio and streamline operations. The company also points out that preliminary revenue and adjusted EBITDA in Q4 have exceeded its guidance.
What’s still unknown is when these layoffs will take place. It’s possible the company will reveal more details during its Q4 earnings call. That’s set to take place on Feb. 16, at 8:00 a.m. Eastern Time.
How This Affects WE Stock
As of Friday morning trading, the WeWork layoffs news isn’t having a major effect on the company’s stock. Only about 200,000 shares have changed hands, as comapred to its daily average trading volume of 8.5 million shares. Also, the company’s stock is only down slightly as of Friday morning.
WeWork’s latest layoffs announcement has it following a recent trend. Several companies have been cutting jobs as they deal with the effects of inflation and a recession on the economy. It’s likely we’ll hear about more layoffs from companies in the coming weeks.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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