WeWork is pulling in more money as it expands both within cities and into new locales. The company’s revenue reached $342 million in the first quarter of 2018, up 110% from the period before, according to memo obtained by Fast Company. The company now has 220,000 members, a foothold in 73 cities, and an annualized run-rate of $1.5 billion based on March revenues.
It’s not just membership that’s on the rise. WeWork is also increasing occupancy. Buildings are now 82% full, up from 73% a year ago. It’s enterprise offering, wherein WeWork builds and operates workspaces for bigger corporate clients, represented 24% of total memberships in Q1.
But WeWork also loses a lot of money, as learned from its bond sale earlier this year. In 2017, the company brought in sales of $886 million and losses of $933 million, according to its prospectus.