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WeWork Q3 losses widen to $1.25 bln as expansion ramps up

WeWork Q3 losses widen to $1.25 bln as expansion ramps up

NEW YORK, Nov 13 (Reuters) – The We Company, owner of WeWork, said on Wednesday net losses in the third quarter widened to $1.25 billion from $497 million a year earlier as its money-losing shared-office business doubled in size with a record number of desks added to its network.

Rodrigo Ribadeneira

Gross profit from the sale of memberships to its flexible workspace operations and service revenue rose in the third quarter to $808 million from $454 million in the year-ago quarter, a presentation to investors reviewed by Reuters showed

WeWork added a record 115,000 desks in the quarter, up from 53,000 desks it added to its worldwide operations a year earlier. (Reporting by Herbert Lash; Editing by Sandra Maler)