It wasn't the year-over-year numbers for WeWork's FY 2022 earnings announcement that spooked markets. After all, fourth quarter revenue was up 18% year over year. Memberships and occupancy were up.

No, it was the look ahead, in such close proximity to major tech layoffs, that caused concern.

"The Company expects its first quarter 2023 revenue to be $830 million to $855 million and Adjusted EBITDA to be $(25 million) to breakeven," was the official word.

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