During the third quarter, WeWork almost losses a vast amount. All these things lead to the adoption of the growth strategy that was now undertaken by ousted CEO Adam Neumann.
As per the deck, it showed that all losses which measure to nearly $1.25 billion are said to be more than 150 percent from the injury. And if you look at the figures from last year, then at the same time the company has lost nearly $497 million.
It was seen that all the revenue was nearly doubled and now stands at $934 million from $482 million. Apart from that all, the company, too, said that all the occupancy rates had now been decreased by nearly 79 percent. It is the lowest ever figure for the company since 2017.
According to a new report, it said that WeWork had added nearly 115,000 modern desks that are during the quarter. It is all from the real estate firm called CBRE, and for that all, We Work too accounted for adding nearly 69 percent of US co-working space leases during the third quarter.
Due to all these losses that have happened in the company, it may run out of cash if SoftBank did not have offered it with finance.