Shares of WeWork Inc. WE fell 0.6% in premarket trading Tuesday, after the flexible work space provider reported a first-quarter loss that narrowed a little more than expected and revenue that was in line, but provided a second-quarter outlook that was below Wall Street projections. Net losses narrowed to $264 million, or 34 cents a share, from $435 million, or 57 cents a share, in the year-ago period. The FactSet consensus for per-share losses was 35 cents. Revenue grew 11.0% to $849 million, compared with the FactSet consensus of $849.3 million. All access consolidated memberships increased 36% to 75,000, consolidated physical occupancy rose to 73% from 67% and average revenue per physical member (ARPM) grew 1% to $490. The company expects second-quarter revenue of $840 million to $865 million, below the FactSet consensus of $872 million. “Critically, following our debt restructuring, we now have a strengthened balance sheet and liquidity position that gives us the runway to deliver against our plan,” said Chief Executive Officer Sandeep Mathrani. The company had announced in March a debt restructuring, that WeWork said reduced total debt by $1.2 billion and interest expense by $90 million. The stock has plunged 72.0% over the past three months through Monday, while the S&P 500 SPX has gained 1.4%.
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