WeWork shows massive $900 million loss ahead of IPO
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With plans to go public in September, coworking giant offers peek at company financials If you thought analysts were tough on ridehailing giant Uber when it went public, just wait until WeWork makes its long-awaited initial public offering (IPO).
Today, the coworking company released what?s called an S-1, a public filing of information with the Security and Exchange Commission (SEC), a significant step toward going public. The plan is to raise $3.5 billion, making it the second-largest IPO of the year after Uber. WeWork currently wants to debut in September and will trade under the stock symbol WE.
Just like Uber and its competitor Lyft, WeWork is asking potential investors to ignore that it?s burning through cash now and look at the company?s future potential. WeWork says that it lost $1.8 billion last year on $1.9 billion in sales. Today?s filing also noted that the We Company lost more than $900 million in the first six months of the year, on revenues of $1.54 billion.
i realize when reading an s-1 you're supposed to skip ahead to the juicy parts but i'm already stuck on wework's second page, in which the epigraph dedicates this to "the energy of we" that is "inside each of us" pic.twitter.com/lhOoz8cqlX? Ellen Huet (@ellenhuet) August 14, 2019
WeWork would argue that it?s well on its way toward a more stable and even profitable future. The company?s secret is technology: ?Our purpose-built technology and operational exp...
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