WeWork says revenue more than doubled last year to $1.8 billion, but so did its net loss [CNBC]
Comcast Corporation - Class A (CMCSA)
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Source: CNBC
WeWork says revenue more than doubled last year to $1.8 billion, but so did its net loss WeWork, the company whose co-working spaces are populating many of the world's biggest cities, said that revenue last year more than doubled, though its losses are growing just as fast. In a presentation sent to CNBC on Monday, WeWork said revenue in 2018 climbed to $1.8 billion from $886 million a year earlier. Members, or the people who pay for monthly use of WeWork's facilities, jumped to 401,000 from 186,000, accounting for 88 percent of revenue. CEO Adam Neumann said in January WeWork's business model continues to rely on heavy funding from private investors, namely SoftBank, which has poured over $10 billion into the company, including $2 billion this year. WeWork has to plunge cash into real estate in some of the most expensive markets and makes money back over time as companies and individuals pay their rent, or membership. Those investments left WeWork with a net loss in 2018 of $1.9 bill
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