WeWork, the true property startup that as soon as fooled backers into believing it was a $47 billion tech enterprise, is downsizing. The co-working firm plans to shut 40 “underperforming locations,” based on its third quarter earnings report, revealed Thursday.

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After a few false begins, WeWork launched its IPO and went public on the inventory market final yr. Never thoughts that it took the assistance of a multi-billion bailout by SoftBank, a special-purpose acquisition (i.e. shell) firm merger, or that the ultimate valuation for the deal was simply $9 billion—lower than one-fifth of what it as soon as was.

And since its 2021 launch as a publicly traded firm, WeWork has but to grow to be worthwhile. The workplace house “unicorn” that after almost collapsed underneath the management of former CEO and wannabe cult chief Adam Neumann nonetheless hasn’t discovered its option to a sustainable enterprise mannequin with out him. Meanwhile, Neumann has moved onto greener(?) pastures within the type of blockchain carbon credit and…one other actual property firm.

In its Thursday earnings report, WeWork stated it misplaced $629 million over the past three months, $568 million of which was attributable on to WeWork Inc. To be honest, that’s considerably lower than the $844 million in losses reported the identical time final yr. But its $817 million in income this quarter fell under market expectations, according to Reuters. And WeWork additionally lowered its forecasted income expectation, citing “slower than expected growth,” as the explanation.

And once more, it’s an actual property firm. It’s not as if WeWork is pouring these hundreds of thousands into ground-breaking technological advances that can repay long-term. The firm doesn’t even purchase up properties as an funding. It does not own its buildings. Instead, it leases massive workplace areas from house owners and subdivides that into small, short-term leases. It is the intermediary no one requested for.

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WeWork didn’t specify precisely the place it might be shuttering places, however stated that it anticipated the transfer would minimize firm prices sufficient to contribute $140 million to future earnings. It stays unclear the place there remainder of the lots of of hundreds of thousands wanted to get the corporate out of the purple are supposed to come back from. In the previous yr, WeWork Inc share costs have fallen by about 78%, and are hovering round $2.18, as of writing.