WeWork, which was recently valued at $47 billion, just revealed that it generated $1.54 billion in revenue over the past 6 months, a net loss of more than $900 million.
WeWork, which rents out co-working spaces to start-ups, freelancers and enterprises, has to plunge cash into real estate in some of the most expensive markets and makes money back over time as companies and individuals pay their rent, or membership. The company reported long-term lease obligations of $17.9 billion in the filing.
WeWork has 528 locations, up from 485 at the end of the first quarter of 2019, and said it plans to open 169 new locations. The company said 50% of its memberships are based outside the U.S. and that enterprise customers, which made up 40% of its memberships, are its fastest growing membership type. The company also confirmed in the filing that it plans to raise up to $6 billion in debt that it expects to close along with the IPO.
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