By Dhirendra Tripathi

Investing.com – WeWork stock (NYSE:) traded 1.2% higher in Monday’s premarket as the company narrowed its loss in the third quarter while reporting higher desk sales and increased occupancy for October as well.

Adjusted EBITDA loss was $356 million for the third quarter, $93 million less than the prior quarter’s loss, as the company signed up more clients. Economic recovery. Vaccination spread among workers led to increased business activity. The revenue rose by 11% to $661 millions

WeWork’s total consolidated gross desk sales reached 155,000 including renewals and equals 9.3 million square footage. The number of new desks sold was 84,000 during the same period. Preliminary gross desk sales in October were 45,000, which equates to approximately 2.7 million square footage. New desk sales are preliminary at 25,000.

WeWork claimed that its market share continues to be larger than traditional commercial office leasing. WeWork represents about half the U.S. offices inventory. But, WeWork claimed it sold more than 9% of U.S. commercial office leasing activity in its third quarter.

The percentage of physical occupancy rose to 56% at end-September from 50% in June. According to the company, physical occupancy could rise to 60% by including the incremental 30,000 net members that have been contracted to move into the building.

In the third quarter, the net loss reached $844 million. This included $262,000,000 of non-cash or recurring expenses. These were mainly depreciation amortization and impairments.