WeWork Q3 losses widen to US$1.25b as expansion ramps up

WeWork shelved its plans to go public on Sept. 30 after investors grew wary of its losses, business model and corporate governance that had forced former chief executive and co-founder Adam Neumann to resign a week earlier.

NEW YORK: 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.

WeWork opened 97 new sites in the third quarter, its biggest quarterly expansion ever, taking its total number of offices to 625 as of Sept. 30 from 528 at the end of June, a presentation of its earnings that was provided to bondholders showed.