WeWork Sees More than $1 Billion in Revenue, But Growth Tumbles
- The coronavirus pandemic has hit shared office spaces hard
- WeWork dramatically cut costs since its failed IPO last year
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WeWork reined in its expenses but still saw a drop in revenue growth in the first quarter, when the rapid spread of the coronavirus forced locations in China to close for weeks and raised questions over whether shared office spaces were a viable business in a newly germ-conscious world.
Revenue climbed 45% from a year earlier to $1.1 billion, according to an email from the company’s new chief financial officer, Kimberly Ross. That’s far slower than gains in the past, when WeWork would nearly double its revenue each year.