WeWork third-quarter losses widen to $1.25 billion as expansion ramps up

WeWork third-quarter losses widen to $1.25 billion as expansion ramps up
FILE PHOTO: A WeWork logo is seen outside its offices in San Francisco, California, U.S. September 30, 2019. REUTERS/Kate Munsch -
Kate Munsch(Reuters)
Text size Aa Aa

NEWYORK (Reuters) – The We Company, owner of WeWork, said on Wednesday net losses in the third quarter widened to $1.25 billion from $497 million a year earlier as its money-losing shared-office business doubled in size with a record number of desks added to its network.

Gross profit from the sale of memberships to its flexible workspace operations and service revenue rose in the third quarter to $808 million from $454 million in the year-ago quarter, a presentation to investors reviewed by Reuters showed.

WeWork added a record 115,000 desks in the quarter, up from 53,000 desks it added to its worldwide operations a year earlier.

(Reporting by Herbert Lash; Editing by Sandra Maler)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on for a limited time.
Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.