Why Shares of WeWork Are Rising Today
Shares of the co-working company WeWork (NYSE: WE) traded nearly 7.5% up in the final hour of trading today for no obvious reason, although real estate stocks in general are performing well today as investors seem to be taking a more favorable view of the macro environment.
WeWork last week reported earnings results for the second quarter of the year, generating a net loss of $635 million on revenue of $815 million. The loss, however, includes roughly $391 million of noncash expenses. Both numbers missed analyst estimates for the quarter.
"From our core dedicated space offerings, to our access products and newly launched software solution, WeWork Workplace, our second quarter results demonstrate how the versatility of our offerings provide companies of all sizes with the ultimate adaptability," CEO Sandeep Mathrani said in a statement.
Source Fool.com
