The We Company, owner of WeWork, said on Wednesday net losses in the third quart...
NEW YORK - The We Company, owner of WeWork, said on Wednesday net losses in the third quarter more than doubled to $1.25 billion as the money-losing shared-office operator added a record number of desks to its global network but was unable to control rising costs.
The company also expanded the number of cities in which it operates by 16, increasing its worldwide footprint to a total of 127 and the number of countries in which it has sites by four to 33, the presentation, which Reuters reviewed, showed. WeWork also had $3.4 billion in commitments from SoftBank Group Corp , which gained control of the company in October, and another $1.5 billion in existing warrants from SoftBank that were exercised last month, the presentation showed.
The development of new locations jumped to $288 million from $69 million a year earlier; general and administrative costs rose to $157 million from $81 million; while sales and marketing reached $194 million versus $108 million. WeWork’s crash has confounded industry experts who praise the company for making flexible workspace a product large corporations desire but whose financial structure baffles.
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