WeWork Misses on Quarterly Profit But Shows Cuts Paying Off

WeWork Inc. missed analysts’ expectations for profit in the fourth quarter, but showed a glimmer of potential for future profitability.

The co-working company said it had positive adjusted EBITDA for the month of December — a notable change from its famously cash-burning history, especially under former Chief Executive Officer Adam Neumann. After a failed attempt at an initial public offering in 2019 and a gut punch from the global pandemic, CEO Sandeep Mathrani has been cutting expenses and inching toward turning a profit, though it remains far off.