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August 14, 2019 08:03 pm

WeWork IPO Reveals It Lost $1.9 Billion Last Year, and Is Losing About $5,200 Per Customer

WeWork, the office-sharing, kegger-hosting phenomenon that has redefined the modern workspace, is also raising the bar for how much money a startup can lose and still be considered a buzzy investment. From a report: WeWork's corporate parent, the We Company, which released its IPO documents on Wednesday, loses roughly $5,197 per customer who inhabits its office space per year. That's considerably more than newly public companies like Uber or Beyond Meat are losing on their growing customer bases. WeWork, which says in the offering document that its corporate mission is no less than to "to elevate the world's consciousness," is on track to lose $2.7 billion this year from its operations, up from nearly $1.7 billion last year. The company's revenue in the first six months of the year nearly doubled from last year's first half, to $1.5 billion. The company said its losses rose just 10% from a year ago, but that includes a $470 million non-operating, and likely non-recurring, gain. Exclude that, and losses from the We Company, which says it will trade under the ticker symbol "WE," rose 60%. "If you work at WeWork, drive home with Uber, and then order food by DoorDash, you're engaging with three companies that are projected to lose about $13 billion this year," tweeted Derek Thompson, a staff writer at The Atlantic. Further reading: WeWork Files For IPO After Losing $1.9 Billion Last Year.

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