"In its first ever release of financial results, the privately held firm said total revenue rose to $421.6 million from $198.3 million in the year-ago quarter as memberships jumped to 268,000 at the end of June from 128,000 a year earlier. Net losses jumped to $723 million over the second half of 2018 from $154 million a year earlier. Occupancy rates at locations increased 6 percentage points from last year’s second quarter to 84 percent. Operating margins, stripping out expenses, rose to 28 percent from 26 percent, the New York-based company said." ... "Minson said that if revenues based on June figures were extrapolated over a full year, WeWork would have a “run-rate” of $1.8 billion and is poised to surpass a pace of $2.3 billion by year’s end. WeWork provides office space in settings where services are shared for individuals to companies with more than 1,000 people, a segment that now accounts for one-quarter of its revenue." ... "WeWork said it has reduced capital expenditures through steps like a 20 percent cut in the cost per desk, or space one member occupies. This shows margins can be improved, it said. Cash and commitments of about $4 billion were available at the end of June. This included $500 million recently raised in China, a $1 billion subordinated convertible debt commitment from major investor SoftBank Group and $600 million in prior commitments from SoftBank." ... "If a company stumbles on such an enormous build-out it would be like tripping while in full sprint, he said. “The fall is likely to hurt.” WeWork has raised $8.1 billion from 12 funding rounds, according to website Crunchbase, more than half from SoftBank, in addition to $702 million in bonds whose sale in April forced the company to divulge its results because the security is public." #coworking #revenue #money #unicorns #pub