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August 15, 2019

WeWork reveals rapid growth and massive losses ahead of IPO

  • The success of the public offering will depend on convincing investors it is more than just a landlord, according to Alejandro Ortiz, principal analyst at SharesPost.
    • By ALEXANDRA OLSON and CATHY BUSSEWITZ
    AP Business Writers

    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.


     
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