WeWork lifts veil on finances with IPO filing
- WeWork owner The We Company on Wednesday filed with regulators for an initial public offering and published detailed financial statements for the first time that showed it lost almost $700 million in the first half of 2019 while doubling revenue.
This year has been the biggest for U.S. IPOs since 2014, with Uber and peer Lyft Inc making their much-awaited market debut. Still, revenue has surged as the company shakes up office leasing by offering start-ups and entrepreneurs short-term contracts in lieu of traditional long-term leases. It also generates greater revenue per square foot than landlords by squeezing more people into a space.
Among the disclosures in the filing, WeWork reported a net loss attributable to the company of $689.7 million in the six months ended June 30, compared with a loss of $628.1 million a year earlier.The company also did not give a time frame for becoming profitable as it continues to invest in expanding its operations.
Flexible office providers have dominated leasing in major gateway cities, most notably London, New York and San Francisco, a sign of growing demand by companies and not just the startups and entrepreneurs that put coworking on the map.
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