In a report, the Financial Times cited WeWork’s Executive Chairman Marcelo Claure as saying, the office-sharing company was on course to report a positive cash flow in 2021 – a year earlier than the target it had set in February.
In an interview with FT, Claure said WeWork has seen strong demand for its office spaces since the start of the coronavirus outbreak.
SoftBank-controlled WeWork has trimmed its workforce by more than 8,000 people, sold off assets to reduce cash burn, has cut costs and renegotiated leases.
New York-based WeWork is in the midst of executing a five-year turnaround plan which was set in motion this year; it is also re-hauling its top management under Claure.
The plan includes meeting a target of having an operating profitability by the end of 2020, and according to Claure, WeWork is on track to meet that target.
“Everybody thought WeWork was mission impossible,” said Claure, who is also a SoftBank executive. “And now, a year from now, you are going to see WeWork to basically be a profitable venture with an incredible diversity of assets.”