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WeWork receives a new $ 1.1B commitment from SoftBank



Owner of joint office provider losing money to WeWork told employees Thursday it has cut money laundering rates by almost half since the end of last year and received a $ 1.1 billion commitment in new funding from the majority owner SoftBank.

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Company We said in an email to employees that its results in the second quarter show that the coronavirus pandemic has hurt business, but its financial position remains strong.

“Our early efforts to become a simpler, more money-conscious organization put us in a better position to adapt quickly, navigate new realities and achieve future goals. of our business, “said Kimberly Ross, WeWork chief financial officer, in the first e-mail from Reuters.

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Revenue for the quarter reached $ 882 million, up 9% from a year earlier, Ross said. WeWork reported revenue of $ 1

.1 billion in the first quarter, the first time they had exceeded nine figures, and its money burn was $ 482 million.

WeWork has $ 4.1 billion in cash and unfinished cash commitments, including $ 1.1 billion in new funding, Ross said. WeWork in July showed it is expected to be positive cash flow in 2021, according to the Financial Times.

WeWork finished the quarter with 612,000 members, 48% of whom were valued “Enterprise” customers, businesses with 500 employees or more.

The results were released almost a year before the day she announced plans to go public when the company was valued at $ 47 billion and looked set to be one of the hottest IPOs of the year.

WeWork soon entered a fast pillar after corporate mismanagement revelations surfaced. The company has since suffered a major management shock and remains entrenched in lawsuits over a $ 3 billion offer to existing shareholders.

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