WeWork (NYSE:WE) layoffs are on the way. The company just revealed new job cuts and is preparing to release its latest earnings report.
According to a press release from WeWork, these layoffs will see the company 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 efforts to optimize its portfolio and streamline operations. The company also points out that preliminary revenue and adjusted EBITDA in the fourth quarter have exceeded guidance.
It’s still unknown when these layoffs will take place, but WeWork may reveal more details during its Q4 earnings call. The call is set to take place on Feb. 16 at 8:00 a.m. Eastern.
How This Affects WE Stock
As of Friday morning trading, news of WeWork layoffs isn’t having a major effect on WE stock. Only about 200,000 shares have changed hands as of this writing. That’s miniscule compared to the daily average trading volume of 8.5 million shares. WE stock is only down slightly as of Friday morning as well.
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 more. Investors will likely hear about more layoffs from companies in the coming weeks.
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On the date of publication, William White did not hold (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.