WeWork reveals rapid growth and massive losses ahead of IPO
NEW YORK — WeWork’s parent company gave investors the most detailed look yet at its finances Wednesday, revealing breakneck growth on the back of massive losses as the office-sharing company prepares for a highly anticipated debut on the stock market.
Founded as a co-working space in Manhattan in 2010, WeWork has grown to become among the biggest corporate landlords in some cities. It now has 527,000 members in 111 cities worldwide, according to the regulatory filing by parent firm, The We Company. That’s nearly double the 268,000 members it had in the prior-year period.
WeWork, whose initial public offering is expected in September, will be the latest in a string of large money-losing enterprises to test its luck on the stock market this year, following Uber and Lyft. The company’s revenue has more than doubled annually over the last few years, but its losses have grown just as quickly.
In 2018, it lost $1.61 billion while bringing in $1.82 billion in revenue. Its latest filing showed the company on track for another year of impressive growth, having generated $1.54 billion in the first half of 2019. But it also lost $689.7 million in that same period.