WeWork third-quarter losses widen to $1.25 billion as expansion ramps up

WeWork third-quarter losses widen to $1.25 billion as expansion ramps up

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

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