WeWork preps for IPO with growing revenues and widening losses

REUTERS: WeWork owner The We Company on Wednesday published detailed financial statements for the first time, showing it lost more than US$900 million in the first half of 2019 while revenue doubled, as it steps up preparations for an initial public offering next month.

The IPO filing provides the most comprehensive financial picture yet of the company, co-founded in 2010 by its chief executive, Adam Neumann. The company did not give a time frame for becoming profitable as it continues to invest in expanding its operations. Neumann has not sold any shares of the company since October 2017 and does not plan to not sell shares in the IPO, We Company said in its filing.We Company is looking to go public in the biggest year for U.S. IPOs since 2014, with the likes of Beyond Meat Inc and Zoom Video Communications Inc seeing their shares soar.

The company, which operates 528 locations in 111 cities across 29 countries, said it expected to"expand aggressively in our existing cities as well as launch in up to 169 additional cities."

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