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WeWork racked up $1.25 billion in losses in the third quarter as it geared up for, and ultimately scuttled, its debut as a public company.
WeWork’s losses more than doubled between June-September, compared with the same period the previous year, as the office-sharing company spent heavily in pursuit of aggressive growth.
Losses - % - Spike - Revenue - Period
The losses outpaced an eye-popping 94% spike in revenue, which reached $934 million in the same period compared with last year.
The figures were included in a report to debtholders, obtained Thursday by The Associated Press.
WeWork - Locations - Quarter - Locations - Cities
WeWork added 103 office-sharing locations during the third quarter. It now has 625 locations in 127 cities around the world. WeWork makes money by leasing buildings and dividing them into smaller spaces, which it then leases to members on a flexible, short-term basis.
Membership grew to 609,000. About 43% of members were companies with 500 or more employees, which tend to enter into longer-term leases. WeWork intends to focus on building up that clientele because it provides more stable recurring revenue than the smaller companies,...
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