This is why the IWG share price has tanked 10% today! Image: IWG See all posts by Royston Wild Trading action on UK share markets remained pretty muted on Monday morning. Both the FTSE 100 and FTSE 250 are up only fractionally as news of slowing Chinese exports sapped investor appetite. These weak performances pale in comparison to the behaviour of the IWG (LSE: IWG) share price however.The price of the office space provider collapsed 10% on Monday to 328p per share on a frosty reaction to latest trading numbers. The IWG share price slipped to its cheapest level since late January, to 306p at one point. Its gains over the past 12 months have now been trimmed to 8%.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…IWG’s share price slumps on fresh trading commentaryIn today’s update, IWG said “we have continued to see strong recovery in some of our markets” since its most recent update in late April. This included “positive occupancy momentum in the US,” the FTSE 250 company’s single-largest market.However, IWG added that “the overall improvement in occupancy across the whole group has been lower than previously anticipated.” This is due to the prolonged impact of Covid-19, it said, which includes continued lockdown restrictions and the emergence of new virus variants in some of its territories.Consequently, IWG said the recovery of its business will be delayed. It added that, given the level of operating gearing, these worse-than-predicted occupancy levels will have a “significant impact” on 2021 results.The workspace provider said it now expects underlying earnings before interest, tax, depreciation and amortisation (EBITDA) to be “well below” the level it recorded last year.Remaining bullish for 2022IWG said trading conditions are improving in areas where Covid-19 restrictions are easing, such as in the US. It noted “occupancy is improving, enquiries have reached pre-Covid-19 levels, we have an increasing pipeline of corporate customers on network-wide deals and service revenues are starting to improve.”The FTSE 250 firm’s flexible working products are witnessing “unprecedented demand” as companies adopt hybrid working (a mix of office- and home-based working). It added that those partnering with IWG continues to “strengthen significantly.” And it has “a very strong pipeline of potential partners wanting to work with us to grow the platform,” the company said.The firm also said “good progress is being made in relation to larger master franchise agreements” too. It commented that several such agreements are in the final stages of discussions.IWG said the positive trends it’s witnessing support its view that “the prolonged impact of Covid-19” on its 2021 results “is one of timing and that, as lockdown restrictions ease, the significant actions taken to restructure the Group’s cost base, together with the unprecedented demand for hybrid working and the Group’s unrivalled national and international network coverage, will deliver a strong improvement in profitability and cash generation.”IWG’s expectations of a “strong recovery in 2022” are broadly unchanged. The company continues to maintain a strong financial position with significant liquidity, it added. Royston Wild | Monday, 7th June, 2021 | More on: IWG FREE REPORT: Why this £5 stock could be set to surge Our 6 ‘Best Buys Now’ Shares Get the full details on this £5 stock now – while your report is free. Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. Royston Wild has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. 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