Sandeep mathrani, the new chief executive of Wework, a shared office space service, said the company is expected to make a profit in 2021, when it will reconsider its IPO plan. After being taken over by Softbank, Wework cut jobs, replaced management and adjusted its services. Mattrani told media in India on Wednesday that the company’s business was rebounding 100% in parts of Asia, including China, South Korea and Singapore. ‘it’s going to get better, and Wework will first make a profit and then put the IPO on its agenda,’ he said. < p > < p > Wework’s current valuation is down 90% from its previous peak of $47 billion. Last week, Fitch Ratings, a rating agency, downgraded Wework and warned that the start-up, once popular with investment agencies, could default. However, matrani said Wework is expected to be profitable and generate free cash flow in 2021. After laying off more than 8000 employees (about a third of its total workforce), Wework has “100% completed its restructuring” and is able to achieve a target of saving $1 billion a year, he said. The review of Wework’s global presence has also been completed by 75%, he said. < / P > < p > he said, “in the first quarter of this year, our occupancy rate of shared office space was 66%; as costs are cut, our cash flow level will be improved.” After 12 years, “world class Super project” Shantou Bay Tunnel ushers in a historic breakthrough today

By ibmwl