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WeWork's first quarter revenue growth rate slows sharply - Business Insider

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WeWork's revenue growth rate was cut in half in Q1, as the company burned through nearly $500 million in 'free cash outflow'

A laid-off WeWork employee carries a bag as he departs the WeWork corporate headquarters in Manhattan, New York, U.S., November 21, 2019.WeWork's revenue totaled $1.1 billion last quarter, the office-space sharing company announced in an email to staff on Thursday.

In the email, the company's chief financial officer underscored flexibility as WeWork's advantage, echoing the CEO's comments on CNBC earlier this week. WeWork's revenue growth rate slowed sharply in the first three months of the year and the company burned through hundreds of millions of dollars amid a pandemic that has caused workers to avoid offices and stay home.

The company did not provide information on occupancy rates at its vast network of offices spread in cities across 38 countries. But it said that "memberships" increased 49% to 693,000.

 

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