At the end of Monday, WeWork stock was up 3.4% from Friday's close after today's earnings report—its first as a public company. The good news was that third quarter revenue of $661 million was up from the second quarter's $593 million. Not so good news was that revenue the year before was $810.8 million. Also, there was a net loss of $844 million, even with $262 million reported as non-cash and non-recurring expenses, though down from $999.5 million from the year before.

To some that weren't bidding up share prices, it wasn't impressive.

"I personally thought their earnings announcement was a disaster," Thomas Jepsen, CEO of architect company Passion Plans and a real estate investor with a master's in finance, tells "We'll be coming up on two years of pandemic, and their earnings simply show that they have not figured out a model that works in an environment with more work-from-home. Despite them getting leaner and getting rid of Neumann, it's still a company that has a long way to go."

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