WeWork To Report A $1.5 Billion Loss For This Year
Just weeks before it is expected to finally go public, WeWork is set to report a loss of $1.5 billion for this year.
Investors were first aware of these losses in August and were reminded again during an investor presentation WeWork hosted last week.
This revelation may cause investors to pause, but CEO Sandeep Mathrani used its growing occupancy over the last few months as proof that WeWork is poised for a hefty recovery.
Additionally, the company is projecting its sales will triple to $6.79 billion by 2024.
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However, it’s hard to ignore the fact that the coworking firm has lost over $5 billion in the last three years, and has costs of $793 million this year alone.
WeWork is already under great scrutiny after its 2019 attempt to go public with a $47 billion valuation came crashing down and led to the upending of its executives, including former CEO and cofounder Adam Neumann.
Since then, the coworking operator has worked to mend its reputation by closing poor-performing locations, relinquishing some of its acquisitions, and laying off several employees.
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