This morning, WeWork released its first financial report. It also revealed a new $1 billion funding deal with SoftBank, per Axios.
Here’s the high-level info:
- Revenues Q2 2017: $198.3 million
- Revenues Q1 2018: $342 million
- Revenues Q2 2018: $421.6 million
- Net loss 6 months ending June 2017: $154 million
- Net loss 6 months ending June 2018: $723 million
- Adjusted earnings for 6 months ending in June 2017: $63 million
- Adjusted earnings for 6 months ending in June 2018: $141 million
- Memberships end of June 2017: 128,000
- Memberships end of June 2018: 268,000
- Enterprise comprises 25% of memberships
- 287 locations worldwide
- Occupancy: 84%
In the past year, WeWork has launched apartments, gyms, schools, classes for professionals, and a whole slate of new offerings for businesses, in a bid to take over the office. It now sells everything from hot desks to whole office makeover and management. Just yesterday, the company debuted a new product for mid-size businesses, a sort of à la carte menu catering to startups that need to quickly upsize or downsize.