Despite WeWork seeing a dip in membership in the second quarter of 2020, the company received $1.1 billion in financing from SoftBank.
The company ended the quarter with 612,000 memberships, a dip from 693,000 at the beginning of the quarter.
“The numbers illustrate that similar to virtually every company around the world, COVID-19 has had an impact on our business,” said Kimberly Ross, WeWork’s chief financial officer. “However, they also show our five year plan in action.”
The company’s revenue also saw a 9% year-on-year increase to $882 million and its first quarter revenue came in at $1.1 billion.
At the moment, the company has $671 million in free cash outflow, which included $116 million in restructuring costs, such as severance for the layoffs.