FILE PHOTO: A WeWork logo is seen outside its offices in San Francisco, California, U.S. September 30, 2019. REUTERS/Kate Munsch/File Photo
NEW YORK (Reuters) – The We Company, owner of WeWork, said on Wednesday net losses in the third quarter widened to $1.25 billion from $497 million a year earlier as its money-losing shared-office business doubled in size with a record number of desks added to its network.
Gross profit from the sale of memberships to its flexible workspace operations and service revenue rose in the third quarter to $808 million from $454 million in the year-ago quarter, a presentation to investors reviewed by Reuters showed.
WeWork added a record 115,000 desks in the quarter, up from 53,000 desks it added to its worldwide operations a year earlier.
Reporting by Herbert Lash; Editing by Sandra Maler