BREAKING NEWS
This content is not available in your region

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   -   Copyright  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 euronews.com for a limited time.