“WeWork IPO filing shows it’s losing nearly $5,200 per customer”

  •  WeWork’s corporate parent We Company revealed in documents for its upcoming initial public offering that the office-share company lost more than $1.3 billion from its operations in the first half of this year.
  • The losses for each WeWork member — about $5,200 per customer — are about 28 times what Uber loses per active rider.
  • Another way to see it: WeWork loses 94 cents every minute one of its laptop-toting members spends in its creative-class work halls during a 40-hour work week.

WeWork, the office-sharing, kegger-hosting phenomenon that has redefined the modern workspace, is also raising the bar for how much money a startup can lose and still be considered a buzzy investment.

WeWork’s corporate parent, the We Company, which released its IPO documents on Wednesday, loses roughly $5,197 per customer who inhabits its office space per year. That’s considerably more than newly public companies like Uber or Beyond Meat are losing on their growing customer bases.

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WeWork, which says in the offering document that its corporate mission is no less than to “to elevate the world’s consciousness,” is on track to lose $2.7 billion this year from its operations, up from nearly $1.7 billion last year. The company’s revenue in the first six months of the year nearly doubled from last year’s first half, to $1.5 billion. The company said its losses rose just 10% from a year ago, but that includes a $470 million non-operating, and likely non-recurring, gain. Exclude that, and losses from the We Company, which says it will trade under the ticker symbol “WE,” rose 60%.

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