WeWork Doubled Revenue Last Quarter
Sales rose 110 percent to $342 million in the first quarter.
This article is for subscribers only.
As WeWork Cos. grows globally, the startup is also packing more people into its rental office spaces. The move helped drive revenue up 110 percent to $342 million last quarter, according to a staff email Thursday about the co-working companyâs financial performance.
The occupancy rate for WeWork buildings, where startups and large companies rent office space, rose to 82 percent at the end of the first quarter, up from 73 percent a year ago, according to the email viewed by Bloomberg. WeWork expanded to 73 cities in the quarter from 40 a year earlier and more than doubled membership to 220,000. The company is increasing sales and customers at a faster rate than cities, which suggests itâs squeezing more out of existing markets.