Office-space startup WeWork lost $1.25 billion in the third\nquarter of 2019, as expenses far outpaced revenue growth, draining the\ncompany’s cash ahead of a bailout by SoftBank Group Corp. last month, the Wall\nStreet Journal reported. We Co., as the parent company is officially known by,\nsaid in a report to debtholders that revenue surged 94 percent in the three\nmonths ended Sept. 30 to $934 million compared with the year-earlier period.\nWeWork’s prior record loss posted in the second quarter for a total of $638\nmillion and is more than double the $497 million loss reported in same\nyear-earlier period. Once considered the most valuable startup in the U.S. with\na valuation of $47 billion, WeWork’s attempt to go public was eventually canned\ndue to concerns over mounting losses, as well as the erratic management style\nof the now-departed chief executive, Adam Neumann, which eventually lead to him\nbeing ousted as CEO.<\/p>\n\n\n\n
If you are considering starting a business and would like to\nspeak with an attorney, contact our law office at 816-524-4949 or visit our\nwebsite at Hoorfarlaw.com.<\/p>\n","protected":false},"excerpt":{"rendered":"
Office-space startup WeWork lost $1.25 billion in the third quarter of 2019, as expenses far outpaced revenue growth, draining the company’s cash ahead of a bailout by SoftBank Group Corp. last month, the Wall Street Journal reported. We Co., as … Continue reading