WeWork loses $1.25 billion in third quarter

 

FILE - In this Jan. 16, 2018 file photo, Adam Neumann, co-founder and CEO of WeWork, attends the opening bell ceremony at Nasdaq, in New York. A former top aide to ousted WeWork co-founder Adam Neumann is accusing him and other company executives of discriminating against her when she became pregnant. The former employee, Medina Bardhi, filed a federal complaint Thursday, Oct. 31, 2019 saying she was twice demoted after becoming pregnant and ultimately fired after complaining internally. (AP Photo/Mark Lennihan, File)

NEW YORK — WeWork racked up $1.25 billion in losses in the third quarter as it geared up for, and an 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.

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 added 103 office-sharing locations during the third quarter. It now has 625 locations in 127 cities around the world.

WeWork cancelled its initial public offering as investor skepticism about the company’s worth grew.

The Associated Press


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